Deutsche Bank, UniCredit File Lawsuits Against Linde Over Russia-related Losses
(Updates to add Linde's statement) Deutsche Bank (DBK.F) and UniCredit (UCG.MI) filed lawsuits against Linde in Germany seeking compensation for losses tied to sanctions on Russia, London's Financial Times reported Monday. The banks had issued advance payment and performance guarantees for a Russian gas project involving Linde. After Linde withdrew from the project following Russia's invasion of Ukraine and the subsequent sanctions, Russian courts seized assets linked to the guarantees, prompting the banks to seek compensation. Deutsche Bank is seeking about 260 million euros in a case due to be heard in Frankfurt on Tuesday, while UniCredit is pursuing a separate 450 million euro claim in Munich Regional Court that remains in the pretrial stage. Linde told, "The hearing concerns complex issues relating to a guarantee agreement in connection with a large-scale industrial construction contract in Russia, which Linde terminated due to EU sanctions resulting from the war in Ukraine. It is Linde's practice not to comment on ongoing legal proceedings." Deutsche Bank and UniCredit did not immediately respond to ' requests for comment. (Market Chatter news.
(Updates to add Linde's statement) Deutsche Bank (DBK.F) and UniCredit (UCG.MI) filed lawsuits against Linde in Germany seeking compensation for losses tied to sanctions on Russia, London's Financial Times reported Monday.
The banks had issued advance payment and performance guarantees for a Russian gas project involving Linde.
After Linde withdrew from the project following Russia's invasion of Ukraine and the subsequent sanctions, Russian courts seized assets linked to the guarantees, prompting the banks to seek compensation.
Deutsche Bank is seeking about 260 million euros in a case due to be heard in Frankfurt on Tuesday, while UniCredit is pursuing a separate 450 million euro claim in Munich Regional Court that remains in the pretrial stage.
Linde told, "The hearing concerns complex issues relating to a guarantee agreement in connection with a large-scale industrial construction contract in Russia, which Linde terminated due to EU sanctions resulting from the war in Ukraine.
It is Linde's practice not to comment on ongoing legal proceedings." Deutsche Bank and UniCredit did not immediately respond to ' requests for comment. (Market Chatter news.