Commerzbank (Eurasia)

Main article: Foreign banks in Russia

Commerzbank (Eurasia) JSC the Russian is a division. German bank Commerzbank

History

2024

A court in Russia recovered 12.4 million euros from Commerzbank at the claim of Transcapitalbank

The Moscow Arbitration Court satisfied the claim of Transcapitalbank (TKB) against the German Commerzbank AG and recovered 12.4 million euros from the defendant. The decision was made on July 4, 2024 based on the results of the consideration of the case on compensation for losses caused by the blocking of funds of the Russian bank.

According to Interfax, the lawsuit was filed by the TKB on March 5, 2024. The defendants in the case were not only Commerzbank AG, but also J.P. Organ SE and their Russian structures - J.P. Morgan Bank International LLC and Commerzbank JSC (Eurasia). The third party involved in the process was the National Settlement Depository (NSD).

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Bloomberg

Representatives of the plaintiff explained that the claims relate to compensation for losses arising from the blocking of TKB funds in NSD accounts with German banks. According to the applicant, the defendants' fault lies in following anti-Russian sanctions.

Russian structures Commerzbank and J.P.Morgan did not recognize the claim, saying that the proper defendant should be NSD, with which TKB has an agreement. They also pointed to the lack of grounds for fulfilling obligations for other legal entities of the group.

During the consideration of the case, the court took interim measures, seizing the assets of the defendants. However, most of these measures were canceled in May 2024 after Commerzbank (Eurasia) made counter-collateral in the amount of more than 1.2 billion rubles.

It is worth noting that other Russian financial institutions have filed similar lawsuits against Commerzbank AG and J.P. Organ SE. In particular, Alfa-Capital Management Company demands to collect 68.1 million euros, and Absolut Bank - 1.92 billion rubles.

According to the Interfax-100 ranking, TKB ranks 27th in terms of assets among Russian banks in the first quarter of 2024. The bank is under US sanctions.^[1][2]

The court arrested the shares of the Russian subsidiary Commerzbank and the assets of JP Morgan

The Moscow Arbitration Court arrested Commerzbank shares and JPMorgan assets at the suit of Transcapitalbank (TKB). The relevant information was published in early May 2024 in the court's file cabinet.

According to Interfax, citing the materials of the case, the TKB achieved the adoption of interim measures on the claim against J.P. Morgan and Commerzbank and their structures in Russia for 12.3 million euros (1.2 billion rubles. The following were arrested:

• 100% of shares of Commerzbank (Eurasia) JSC;
• cash in all bank accounts (except C and I accounts) opened in the name of Commerzbank AG, J. P. Morgan SE and their Russian subsidiaries;
• securities and real estate belonging to them within the amount of claims.

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JP Morgan

At the same time, the court refused Transcapitalbank to arrest the defendants' movable property due to the lack of evidence that failure to take this measure would make it impossible to enforce the court's decision, and would also bring significant material damage to the bank.

According to the court's ruling, the measures were taken because the ban on transactions in favor of the TKB after it is included in the sanctions list of the US Treasury Department will prevent the execution of the decision of the Russian court abroad.

The applicant indicates that the effective execution of the arbitration court decision against the defendants is possible only in Russia and at the expense of property located in Russia, the document says.

In addition, the court determined that as a result of the expropriation of funds by Commerzbank AG and J. P. Morgan SE, located in an unfriendly jurisdiction, citizens will suffer primarily - depositors of the bank and legal entities that are city-forming, agricultural, socially, socially and economically significant enterprises for the Russian Federation, whose lending is carried out by Transcapitalbank.^[3]

2023: Profit in Russia €51 million and staff reduction to 126

European banks continue to make higher profits in Russia and pay more taxes than before the outbreak of the conflict in Ukraine

2022: Statement on the termination of activities in Russia after the outbreak of the conflict in Ukraine

On March 12, 2022, it was announced that against the background of Russia's special operation in Ukraine, Commerzbank was ceasing its activities in Russia.

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