Russia Seizes Deutsche Bank, UniCredit Assets

A Russian court has ordered the seizure of assets belonging to Deutsche Bank and UniCredit, totaling approximately 702 million euros. This decision comes after their exit from Russia following the 2022 military actions in Ukraine. The assets were seized in connection to a failed gas project partnership with RusKhimAlians, which sued the banks for guaranteeing the project. UniCredit, significantly exposed to the Russian market, has been attempting to reduce its involvement but faces challenges in doing so without violating Western sanctions.