A court in Russia has ordered Italian UniCredit to pay nearly $480 million over a sidelined joint venture gas project with Gazprom and Germany’s Linde for which the Italian bank was a guarantor before Western sanctions caused the project to collapse. The project planned to build a gas processing plant in Russia through a joint venture called RusChemAlliance, which is 50% owned by Gazprom.
UniCredit served as the lending guarantor for the construction of the plant, Reuters reported on Wednesday. Last month, a Russian court ordered…Russian Court Fines Italy’s UniCredit $480M Over Failed Gas Project
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