A court in Russia has ordered Italian UniCredit to pay nearly $480 million over a sidelined joint venture gas project with Gazprom and Germany's Linde
A court in Russia has ordered Italian UniCredit to pay nearly $480 million over a sidelined joint venture gas project with Gazprom and Germany’s Linde for which the Italian bank was a guarantor before Western sanctions caused the project to collapse. The project planned to build a gas processing plant in Russia through a joint venture called RusChemAlliance, which is 50% owned by Gazprom . UniCredit served as the lending guarantor for the construction of the plant, Reuters reported on Wednesday.
“Every single bank in Europe that has any kind of exposure to Russia, has likely received the letter,” Bloomberg quoted UniCredit Chief Executive Officer Andrea Orcel as saying at the time, adding that the bank’s strategy was to cut Russia exposure to zero by the end of 2025. As of early May, Bloomberg reported that UniCredit had cut its cross-border exposure by 91%.
Unicredit Lawsuit Gazprom Linde Joint Venture
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