Russian court prohibits UBS and Credit Suisse from selling subsidiaries.
Moscow Court Bans UBS and Credit Suisse from Disposing of Shares in Russian Subsidiaries
A Moscow court has issued a ban on UBS and its recently-acquired Swiss rival Credit Suisse from disposing of shares in their Russian subsidiaries, according to court documents. The ban comes after a request from Zenit Bank, which is concerned about potential losses if the banks exit Russia.
Zenit Bank stated in court that it believes UBS and Credit Suisse are preparing to terminate their activities in Russia, which would put the bank at risk of losing out on a loan made in October 2021.
The Russian bank joined an agreement to provide a syndicated loan to Luxembourg-based agricultural firm Intergrain, with Credit Suisse acting as the credit agent, as shown in the document.
After Western sanctions were imposed on Zenit Bank, Credit Suisse informed the bank that it would not transfer payments from Intergrain, despite Zenit Bank having already transferred $20 million to the firm in November 2021.
Credit Suisse and UBS, which acquired Credit Suisse in June, have declined to comment on the matter.
Since Russia’s deployment of troops to Ukraine in February last year, laws have been introduced requiring presidential approval for banks to sever ties with their local businesses.
The court documents reveal that Zenit Bank filed for interim measures, requesting the court to seize funds belonging to UBS and Credit Suisse and prohibiting the disposal of shares.
Although Zenit Bank’s request to seize funds was not granted, a further court hearing is scheduled for September 14.
Last week, a Moscow court sequestered Goldman Sachs assets in Russia, including its 5% stake in Detsky Mir, Russia’s largest toy retailer, at the request of Otkritie Bank. Otkritie Bank claimed that Goldman Sachs owed it 615 million roubles, as shown in court documents.
(Reporting by Elena Fabrichnaya; Writing by Alexander Marrow; Editing by Alexander Smith)
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