Sanctions on Russia start triggering legal warfare within Western business, expert says

Anti-Russian sanctionsSanctions on Russia start triggering legal warfare within Western business, expert says Ilya Grashchenkov noted that the financial cost of anti-Russian policies is now shifting from abstract markets to specific corporationsMOSCOW, July 13. /TASS/. Lawsuits filed by European banks over aborted Russian projects show that sanctions are starting to trigger legal conflicts within Western business itself, political scientist Ilya Grashchenkov, president of the Center for Regional Policy Development, told TASS. He noted that the financial cost of anti-Russian policies is now shifting from abstract markets to specific corporations. Earlier, the Financial Times reported that European lenders Deutsche Bank and UniCredit had sued chemical concern Linde, demanding compensation for losses linked to its withdrawal from Russia. The banks seek to recover hundreds of millions of euros in assets frozen by Russian courts. Deutsche Bank lost approximately €244 million, UniCredit about €460 million, and Commerzbank around €90 million. "Politically, this is a very telling case. Sanctions are starting to generate legal conflicts not between Russia and Europe, but within Western business itself," the political scientist believes. According to him, the banks' actions show that while the industrial company halted its Russian project due to sanctions restrictions, the financial fallout of this decision fell squarely on credit institutions. The expert believes that a victory for the banks in this situation could set a precedent for similar disputes. "Companies terminating Russian projects due to sanctions may face demands to compensate banks, insurers, and other counterparties for the associated losses. The cost of sanctions policy will gradually shift from abstract business to specific companies that signed contracts and guarantee agreements," he explained. "The core meaning of this situation is that European businesses are starting to use the courts to determine who exactly should pay for the political decisions of recent years," Grashchenkov concluded, estimating that the volume of such mutual claims will grow. 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