52 A Russian court has partially lifted restrictions imposed on Italian lender UniCredit in a lawsuit related to an aborted gas project. The move allows UniCredit to use Russian government bonds as collateral instead of having other assets seized. In mid-May, a court in St. Petersburg ruled that UniCredit could have €462.7 million (US$503 million) worth of its assets seized. These assets included securities, real estate, and accounts belonging to the bank, along with subsidiaries UniCredit Leasing and UniCredit Garant. The seizure stemmed from a lawsuit filed by RusChemAlliance, a joint venture partially owned by Russian gas giant Gazprom. The lawsuit pertained to a €10 billion gas processing plant project that was terminated due to Western sanctions. RusChemAlliance had made a €2 billion advance payment on the project, which they are now seeking to recover. Following the initial seizure order, UniCredit negotiated an agreement with RusChemAlliance. This agreement allows UniCredit to pledge Russian government bonds with a market value of around 50 billion rubles (US$556 million) as collateral instead of having other assets seized. The court’s decision eases the pressure on UniCredit while still allowing RusChemAlliance to potentially recover their funds in the future. The pledged government bonds can fluctuate in value, but this approach offers more flexibility for UniCredit compared to an outright asset seizure. UniCredit has not yet commented on the court’s decision. This case highlights the complex legal and financial challenges faced by Western companies operating in Russia amidst ongoing sanctions. The outcome of the lawsuit between UniCredit and RusChemAlliance will be closely watched by businesses navigating this evolving landscape. You Might Be Interested In Angola’s Departure From OPEC Opens Door for Increased Chinese Investment Aig-Imoukhuede Returns to Access Holdings as Chairman, Stepping into New Era Uber Makes the Cut Bangladesh Attracts Investment Proposals Worth Tk 24,865 Crore in Oct-Dec Other countries in Asia are also offering incentives, not just China Boeing Delivers First 787 Dreamliner to China, the First Since 2019