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Moscow court annuls $142 million IKEA deal amid sanctions, confiscates funds to state budget
A commercial transaction involving OOO "Torg", the Russian entity of Swedish company IKEA, and its affiliated Irish firm Fami Limited, valued at 12.9 billion rubles ($142 million) ( for goods sold in Russia, has been annulled by the Moscow Region Arbitration Court. This amount is now mandated to be transferred to the Russian state budget, as reported by Russian-language media on Saturday, May 18.
According to reports, the court's decision in response to a lawsuit filed by the Federal Tax …
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Zelensky rejects Macron's Olympic truce proposal, citing security concerns for Ukraine
Ukrainian President Volodymyr Zelensky has turned down French President Emmanuel Macron's proposal for an "Olympic truce" during the upcoming Paris Games. "We are against any truce that benefits the enemy," Zelensky told Agence France-Presse. He explained that while Ukraine is not opposed to peace and ending the war, Moscow would exploit the pause to move additional troops into Ukrainian territory and launch a renewed offensive with fresh forces. "Who can guarantee that Russia won't use this …
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Russian court seizes Deutsche Bank's assets amid legal dispute over EU sanctions compliance
Arbitration Court of St. Petersburg and the Leningrad Region has seized assets, accounts, and securities of Deutsche Bank and its subsidiaries in Russia, amounting to €238.61 million, following a claim by Ruskhimalyans.
Ruskhimalyans, a company established by Gazprom and Rusgazdobycha, operates the gas processing and liquefaction project in Ust-Luga. Deutsche Bank served as one of the guarantors for the Ruskhimalyans contract alongside Turkish Renaissance Heavy Industries and German Linde for …
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Russian court freezes €463 million in UniCredit assets amid sanction dispute
A Russian court has frozen assets belonging to UniCredit Bank in Russia valued at €463 million following a lawsuit filed by RusKhimAlliance, one of the operators involved in the construction of a gas processing complex. The assets were seized in connection with the bank's refusal to breach European sanctions.
The gas processing complex in question, located in Ust-Luga, is a joint venture between Gazprom and RusGazDobycha. RusKhimAlliance’s lawsuit revolves around the suspension of work on this …
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Russia expels British Military Attaché in tit-for-tat move amid escalating tensions
On May 16, the Russian Ministry of Foreign Affairs declared the British military attaché at the UK Embassy in Moscow, Adrian Coghill, persona non grata. He has been given one week to leave the Russian Federation. The Russian Foreign Ministry explained this move as a response to the expulsion of the Russian military attaché from the UK, labelling it "hostile and unfounded."
"This measure does not exhaust our reaction to the May 8 hostile anti-Russian actions by the British side. The initiators …