Sanctioned Billionaire-Linked Firm Sues Italian Contractor and Its Banks
- Eurochem, founded by Melnichenko, seeking €212 million
- Melnichenko sanctioned by authorities in UK, EU and US
Photographer: Jason Alden/Bloomberg
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Maire Tecnimont SpA and two of its lenders could be on the hook for €212 million ($190 million) as a company linked to a sanctioned billionaire, Andrey Melnichenko, pushes for compensation over a giant construction project on hold since Russia invaded Ukraine.
EuroChem Group AG sued Societe Generale SA and ING Groep NV in London after the banks refused to pay a so-called performance bond provided as a guarantee by the Italian engineering group, according to court documents. The banks claim that they couldn’t make the payment because of European Union sanctions targeting Melnichenko and his wife, a shareholder via a trust that took over from the financier after the February invasion.