Reported 4 months ago
A Russian court has eased restrictions on UniCredit in a lawsuit over an abandoned gas project, allowing the Italian lender to offer Russian sovereign bond holdings as collateral instead of seized assets and property. Initially, a St Petersburg court ruled in mid-May for the seizure of UniCredit's assets, but UniCredit's Russian arm reached an agreement with the plaintiff to pledge Russian OFZ treasury bonds worth 50 billion roubles as collateral. This move softens the restrictions while providing a future enforcement possibility. UniCredit was involved in a terminated project with Linde, resulting in a 2 billion euro payment dispute with RusChemAlliance.
Source: YAHOO