What's happened
Russian courts have ordered the seizure of assets belonging to Deutsche Bank, Commerzbank, and UniCredit in Russia due to their involvement in a gas processing plant project that was terminated following Western sanctions. Additionally, Yandex N.V. has completed the first phase of divesting from its Russia-based businesses.
What's behind the headline?
What the papers say
According to Al Jazeera, a Russian court has ordered the seizure of Deutsche Bank and Commerzbank's assets in Russia, totaling millions of euros, due to their involvement in a terminated gas processing plant project. The Moscow Times reports that UniCredit's assets in Russia have also been seized, amounting to over 463 million euros. The same publication highlights Yandex N.V.'s completion of the first phase of divesting from its Russia-based businesses, a move valued at 475 billion rubles.
How we got here
The seizure of assets stems from a lawsuit involving the German banks as guarantors for a gas processing plant project in Russia that was halted due to Western sanctions. European banks have been withdrawing from Russia since the 2022 conflict in Ukraine. Yandex N.V.'s divestment follows the company's agreement to sell its Russian assets to a consortium of Russian investors, marking a significant shift in the tech industry.
Go deeper
- How are the European banks responding to the asset seizures?
- What are the implications of Yandex N.V.'s divestment from its Russia-based businesses?
- Why are Western companies disengaging from Russia amidst geopolitical tensions?
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