Gazprom Subsidiary Sues UniCredit for $472 Million in Russia
RusKhimAlyans, a subsidiary of Gazprom, has filed a lawsuit against UniCredit seeking $472 million in damages. UniCredit, along with Deutsche Bank and Commerzbank, were guarantors on a project held up by EU sanctions. The project, a gas complex at the Baltic port of Ust-Luga, had an engineering, procurement, and construction contract signed by Linde and Renaissance Heavy Industries with Gazprom and its partners. Linde suspended work under the contract due to EU sanctions imposed after Russia's actions in Ukraine. In January, the court froze nearly $500 million of Linde's assets at RusKhimAlyans's request.