A court in St. Petersburg has ordered the seizure of assets, accounts, property, and shares belonging to Deutsche Bank, Commerzbank, and UniCredit in Russia, as part of a lawsuit involving the German banks, according to court documents.

The banks were guarantor lenders under a contract for the construction of a gas processing plant in Russia with Germany's Linde. The contract was terminated due to Western sanctions, prompting legal action by RusChemAlliance, a St. Petersburg-based joint venture 50% owned by Russian gas giant Gazprom and the operator of the project.

The St. Petersburg arbitration court has barred Deutsche Bank from exercising its 100% interest in the authorized capital of its Russian subsidiary and Deutsche Bank Technology Center LLC. Additionally, the court ordered the seizure of up to €238.6 million ($259 million) in securities, real estate, and bank accounts of Deutsche Bank, including those of its Russian subsidiary and the Deutsche Bank Technology Center.

Deutsche Bank in Frankfurt stated that it had already provisioned around €260 million for the case. "We will need to see how this claim is implemented by the Russian courts and assess the immediate operational impact in Russia," the bank said in a statement.

Commerzbank’s assets worth €93.7 million ($101.85 million) were also seized, including securities and the bank's building in central Moscow.

In a parallel lawsuit, the court ordered the seizure of UniCredit's assets, accounts, property, and shares in two subsidiaries.

The seizures come amidst escalating legal and financial tensions between Western financial institutions and Russia, following a wave of sanctions imposed due to geopolitical conflicts. The court's actions mark a significant development in the ongoing economic dispute and its impact on international banking operations in Russia. (ILKHA)