Commerzbank (Eurasia)

Main article: Foreign banks in Russia

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

History

2024: 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.

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.^[1]

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.

Notes