{"id":68272,"date":"2024-05-21T11:09:11","date_gmt":"2024-05-21T16:09:11","guid":{"rendered":"https:\/\/olduvai.ca\/?p=68272"},"modified":"2024-05-21T11:09:11","modified_gmt":"2024-05-21T16:09:11","slug":"russia-confiscates-e800-million-from-deutsche-bank-unicredit-and-commerzbank","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=68272","title":{"rendered":"Russia Confiscates \u20ac800 Million From Deutsche Bank, Unicredit And Commerzbank"},"content":{"rendered":"<header class=\"ArticleFull_header__z0vIZ\">\n<h3 class=\"ArticleFull_title__FDrpw\"><a href=\"https:\/\/www.zerohedge.com\/crypto\/russia-confiscates-eu800-million-deutsche-bank-unicredit-and-commerzbank\">Russia Confiscates \u20ac800 Million From Deutsche Bank, Unicredit And Commerzbank<\/a><\/h3>\n<\/header>\n<div class=\"NodeContent_mainContent__2jyAd\">\n<div class=\"NodeContent_body__HBEFs NodeBody_container__eeFKv\">\n<p>After two years of being on the receiving end of a weaponized global reserve currency, getting booted from SWIFT, countless (toothless) sanctions and watching\u00a0<a href=\"https:\/\/www.reuters.com\/world\/how-west-might-use-russias-frozen-reserves-2024-03-12\/\">some $350 billion of its assets be frozen\u00a0<\/a>and soon confiscated, Moscow has had enough,\u00a0and over the weekend the FT reported that a St Petersburg court\u00a0<strong>seized around \u20ac800 million worth of assets belonging to three western banks &#8211; Deutsche Bank, Commerzbank and UniCredit.<\/strong><\/p>\n<p>The seizure marks one of the largest moves against western lenders since Moscow\u2019s invasion of Ukraine prompted most international lenders to withdraw or wind down their businesses in Russia. It comes after the ECB told Eurozone lenders with operations in the country to speed up their exit plans.<\/p>\n<p>According to court documents,\u00a0<strong>the court seized \u20ac463 million-worth of assets belonging to Italy\u2019s UniCredit<\/strong>, equivalent to about 4.5% of its assets in the country, according to the latest financial statement from the bank\u2019s main Russian subsidiary.<\/p>\n<p>Frozen assets include shares in subsidiaries of UniCredit in Russia as well as stocks and funds it owned, according to the court decision that was dated May 16 and was published in the Russian registrar on Friday.<\/p>\n<p>According to another decision on the same date,\u00a0<strong>the court seized \u20ac238.6mn-worth of Deutsche Bank\u2019s assets<\/strong>, including property and holdings in its accounts in Russia. The court also ruled that\u00a0<strong>the bank cannot sell its business in Russia<\/strong>; it would already require the approval of Vladimir Putin to do so. The court agreed with Rukhimallians that the measures were necessary because the bank was \u201ctaking measures aimed at alienating its property in Russia\u201d.<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Russia Confiscates \u20ac800 Million From Deutsche Bank, Unicredit And Commerzbank After two years of being on the receiving end of a weaponized global reserve currency, getting booted from SWIFT, countless (toothless) sanctions and watching\u00a0some $350 billion of its assets be frozen\u00a0and soon confiscated, Moscow has had enough,\u00a0and over the weekend the FT reported that a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,5],"tags":[1997,3712,281,359,1464,694,1109,820,2080,862],"class_list":["post-68272","post","type-post","status-publish","format-standard","hentry","category-economics","category-geopolitics","tag-economic-sanctions","tag-economic-warfare","tag-europe","tag-germany","tag-italy","tag-russia","tag-sanctions","tag-uk","tag-united-kingdom","tag-war"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/68272","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=68272"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/68272\/revisions"}],"predecessor-version":[{"id":68273,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/68272\/revisions\/68273"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=68272"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=68272"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=68272"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}