Adedokun Waliyu 
A Russian court has ordered that UniCredit’s (CRDI.MI), opens new tab assets, accounts, property and shares in subsidiary companies be seized as part of a lawsuit involving the Italian bank, according to court documents.
The ruling by a St Petersburg arbitration court covers 462.7 million euros ($503.28 million) in securities, real estate and accounts belonging to UniCredit as well as 100% of shares in UniCredit Leasing and UniCredit Garant.
UniCredit was one of the guarantor banks under a contract for the construction of a gas processing plant in Russia with Germany’s Linde, which was terminated due to Western sanctions.
The court was ruling in a lawsuit by a Russian company, RusChemAlliance, which had sought 443.8 million euros from UniCredit under bank guarantees provided in 2021, plus 4.47 million euros in penalties.
There was no immediate comment from UniCredit.
Highlighting the risks of doing business in Russia following the imposition of Western sanctions over the war in Ukraine, the Italian bank had said in its 2023 report that it was being sued in a St Petersburg court by a Russian energy firm over guarantee claims totalling 444 million euros.
It said the Russian company, which it did not name at the time, had drawn down the guarantees by making payment claims to UniCredit which the lender could not fulfil because of EU sanctions.
