The Court of Arbitration of Saint Petersburg and Leningrad Oblast recovered more than EUR 238.6 million from the German Deutsche Bank (about 23 billion rubles after the current exchange rate) from Ruskhimalliance, a joint venture between Gazprom and Rusgazdobacz, according to the operative part of the court decision published on Wednesday.
The cash claim was satisfied in full. At the same time, the court rejected the plaintiff's second claim – taking over 100% of the defendant's shares in Russian legal entities – Deutsche Bank LLC and Deutsche Bank Technology Centre LLC. The court included these 2 companies in the proceedings as 3rd parties. It was previously reported that the claim was partially met, but the content of the decision was not known.
‘In a suit lodged in June 2023, Ruschimalliance demanded Deutsche Bank to pay over EUR 238,1 million for the bank warrant of 24 September 2021, a contractual punishment for the default of an work to pay this amount of about EUR 480 000 per day of the lawsuit, as well as a contractual punishment for the period from the date on which the suit was filed until the actual execution date.
At the same time, the court, at the plaintiff's request, changed provisional measures in the action. By a fresh provision, he took measures (including those to be affected) on the 7 correspondent accounts of Deutsche Bank opened at Deutsche Bank, up to the amount sought.
At the same time, the court repealed provisional measures in the form of seizure of securities belonging to Deutsche Bank, Deutsche Bank LLC and Deutsche Bank Technological Centre LLC, their properties, their cash in all bank accounts but for kind C and I accounts, and besides prohibited Deutsche Bank from divesting shares in those subsidiaries.
‘In a suit lodged in June 2023, Ruschimalliance demanded Deutsche Bank to pay over EUR 238,1 million for the bank warrant of 24 September 2021, a contractual punishment for the default of an work to pay this amount of about EUR 480 000 per day of the lawsuit, as well as a contractual punishment for the period from the date on which the suit was filed until the actual execution date.
At the same time, the court, at the plaintiff's request, changed provisional measures in the action. By a fresh provision, he took measures (including those to be affected) on the 7 correspondent accounts of Deutsche Bank opened at Deutsche Bank, up to the amount sought.
At the same time, the court repealed provisional measures in the form of seizure of securities belonging to Deutsche Bank, Deutsche Bank LLC and Deutsche Bank Technological Centre LLC, their properties, their cash in all bank accounts but for kind C and I accounts, and besides prohibited Deutsche Bank from divesting shares in those subsidiaries.
Daniel Głogowski
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On the basis of Rukhimallians' claim, the court recovered more than EUR 238.6 million from Deutsche Bank
