Moscow seizes Deutsche Bank assets according to a report.
Russia is responding to the sanctions placed upon it by Western nations, and as such, Deutsche Bank is the latest victim. Previously, other financial institutions have also been targeted. The value of the confiscated assets has yet to be determined.
A Russian court has ordered the seizure of Deutsche Bank's assets in Russia, according to the Russian news agency Tass. The exact amount of assets being seized remains unknown. Deutsche Bank has been unresponsive so far.
Following the same pattern, Deutsche Bank becomes the latest financial institution to have its assets in Russia taken by legal action. Commerzbank and JP Morgan's European subsidiary have had their assets taken by courts as well.
In a Moscow court's ruling, Commerzbank was ordered to forfeit €12.4 million worth of assets, while a St. Petersburg court ordered the confiscation of Unicredit's assets and property worth approximately €460 million.
In response to the sanctions imposed by Western countries due to the Russian invasion of Ukraine, Russia has been retaliating with its own measures. Many companies have had to accept the confiscation or seizure of their assets, and new managers have been appointed at Russian subsidiaries. Companies that choose to leave Russia must sell their businesses to Russian companies, often at deeply discounted prices. Frequently, only a single ruble is paid.
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In reaction to the sanctions imposed over the Attack on Ukraine, Russia has initiated asset seizures, with Deutsche Bank now being affected. Russia's courts have ordered the confiscation of Deutsche Bank's assets, joining a growing list of targeted financial institutions.
Source: www.ntv.de
