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UniCredit's Russia unit sued German arm in RusChem court case

Reuters
Summary
Nutrition label

78% Informative

The dispute stems from a guarantee package UniCredit Germany issued for one of its clients, Linde , which due to sanctions had to halt work on a gas processing plant it was building for St Petersburg -based RusChemAlliance.

When the project was halted, Gazprom-backed RusChem moved to draw down the guarantees and had a Russian court enforce the payments when UniCredit refused to honour them.

Charges to fully cover risks from the case totalled 0.3 billion euros in fourth quarter alone.

VR Score

87

Informative language

92

Neutral language

78

Article tone

formal

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English

Language complexity

52

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not offensive

Hate speech

not hateful

Attention-grabbing headline

not detected

Known propaganda techniques

not detected

Time-value

short-lived

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