In Moscow, the court may oblige Unicredit Bank GmbH to pay 175 million euros to UniCredit

Preliminarily, the consideration of UniCredit’s claim against the German UniCredit Bank GmbH for the recovery of 175 million euros under counter-guarantees is scheduled for June 14, 2024, TASS reports.

The Moscow Arbitration Court accepted the claim of UniCredit Bank against its German branch, which failed to timely fulfill its obligations under three counter-guarantees. The foreign bank’s debt in terms of debt and interest has already reached 175 million euros.

UniCredit began operating in Russia in 1989, it is part of the Italian Unicredit group. In 2022, the company first started talking about ceasing operations in Russia due to possible risks.

Previously, UniCredit warned clients about possible returns of foreign transfers. At the same time, they were warned that even if the funds were returned, both parties could write off the commission for the operation.