UniCredit succeeded in overturning an injunction obtained against a subsidiary of Russian energy giant Gazprom in a London court, despite facing a potential 250 million euro fine in Russia.
RusKhimAlyans initiated numerous lawsuits in Russian courts following Russia's invasion of Ukraine and subsequent Western sanctions, which halted progress on a liquefied natural gas plant at the Baltic port of Ust-Luga in 2022.
The company, equally owned by Gazprom, filed a lawsuit against UniCredit in August 2023 for failing to honor bank guarantees associated with the project, citing Western sanctions as the reason.
Initially, UniCredit had secured an anti-suit injunction in London, barring RusKhimAlyans from pursuing the case in Russia. Nonetheless, UniCredit sought the Court of Appeal in London to reverse this decision as RusKhimAlyans had obtained its own anti-suit injunction in Russia, threatening a potential 250 million-euro fine if UniCredit did not attempt to lift its injunction.
(Note: $1 = 0.9691 euros)