Europe's Leading Banks Take Action Against Russia Sanctions

The damages resulting from the lawsuits opened by the European Union against Russia are significantly affecting some institutions in Europe. Major European banks such as Deutsche Bank and UniCredit have taken action to claim compensation for the billions of euros in losses they suffered due to sanctions against Russia. A court in Germany is hearing cases against the German engineering company Linde, aiming to determine who should bear the costs of the sanctions imposed by the West on Russia. Deutsche Bank is seeking approximately 260 million euros in compensation for the assets seized after Linde withdrew from a natural gas project in Russia. This process began when Linde suspended its projects in Russia in 2022, leading to Russian companies terminating contracts and seeking guarantees from banks. The banks' refusal to make guarantee payments due to EU sanctions resulted in their assets being frozen by Russian courts.