In a significant legal development, a court in St. Petersburg has issued a ruling to seize assets, accounts, property, and shares of Deutsche Bank and Commerzbank in Russia. This decision comes as part of a lawsuit involving the two German banks, according to court documents.

The lawsuit revolves around a contract for the construction of a gas processing plant in Russia, in which Deutsche Bank and Commerzbank served as guarantor lenders. The project, which was undertaken with Germany's Linde, was terminated due to the imposition of Western sanctions.

The plaintiff in the case is RusChemAlliance, a joint venture that is 50% owned by Russian gas giant Gazprom, the operator of the gas processing plant project. As a result of the court's ruling, Deutsche Bank has been barred from exercising its 100% interest in the authorized capital of its Russian subsidiary, as well as Deutsche Bank Technology Center LLC.

Furthermore, the court has authorized the seizure of up to 238.6 million euros ($259 million) worth of securities, real estate, and bank accounts belonging to Deutsche Bank, its Russian subsidiary, and Deutsche Bank Technology Center. The bank in Frankfurt has confirmed that it had already set aside approximately 260 million euros in provisions for this ongoing case.

Deutsche Bank has responded to the ruling, stating, "We will need to see how this claim is implemented by the Russian courts and assess the immediate operational impact in Russia." The bank remains vigilant about any potential implications resulting from this legal dispute.

Commerzbank, another German bank involved in the lawsuit, has also faced the seizure of its assets. The court ordered the seizure of Commerzbank's assets worth 93.7 million euros ($101.85 million), as well as securities and the bank's building located in central Moscow.

In a separate but parallel lawsuit, the court has also ordered the seizure of UniCredit's assets, accounts, property, and shares in two subsidiaries. The full details and circumstances surrounding this particular case have not been provided.

These rulings from the St. Petersburg arbitration court highlight the escalating legal battles involving major international banks over terminated projects in Russia. The affected entities now face the task of navigating the legal proceedings and assessing the potential impact on their operations in the country.

It remains to be seen how the affected banks will respond and what further actions may be taken in relation to these lawsuits. As this story develops, the repercussions for Deutsche Bank, Commerzbank, and UniCredit in Russia will undoubtedly warrant close attention from the financial and legal sectors.