{"id":2001232,"date":"2023-08-15T12:40:01","date_gmt":"2023-08-15T16:40:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/russian-court-bans-ubs-credit-suisse-from-subsidiary-disposals\/"},"modified":"2023-08-15T12:51:59","modified_gmt":"2023-08-15T16:51:59","slug":"russian-court-bans-ubs-credit-suisse-from-subsidiary-disposals","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/russian-court-bans-ubs-credit-suisse-from-subsidiary-disposals\/","title":{"rendered":"Russian court prohibits UBS and Credit Suisse from selling subsidiaries."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Frussian-court-bans-ubs-credit-suisse-from-subsidiary-disposals%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2001232&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<p><h2>Moscow Court Bans UBS and Credit Suisse from\u2062 Disposing of Shares in Russian Subsidiaries<\/h2>\n<\/p>\n<p>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\u200d documents. The ban comes after a \u200drequest from Zenit Bank, which is concerned about potential \u2064losses if the banks exit Russia.<\/p>\n<p>Zenit Bank \u200cstated in court that it believes UBS and \u200dCredit Suisse are preparing to terminate their \u200dactivities in Russia, which would put \u2063the bank at\u2062 risk of losing out on a loan made in \u200cOctober 2021.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>The Russian bank joined an agreement to provide a \u200bsyndicated\u2064 loan to Luxembourg-based\u2063 agricultural firm Intergrain, with Credit Suisse acting as the credit agent,\u2062 as shown in the document.<\/p>\n<p>After Western sanctions were \u2062imposed on Zenit\u200b Bank, Credit Suisse informed the bank that it would not transfer payments from Intergrain, despite Zenit Bank having \u2062already transferred $20 million to the firm in November 2021.<\/p>\n<p>Credit Suisse and UBS, which acquired Credit Suisse in June, have declined to comment\u200b on the matter.<\/p>\n<p>Since Russia&#8217;s deployment of troops\u200c to Ukraine in February last year, laws have been <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/russian-court-bans-ubs-credit-suisse-from-subsidiary-disposals\/\" title=\"Russian court prohibits UBS and Credit Suisse from selling subsidiaries.\">introduced requiring presidential approval<\/a> \u2062for banks to sever ties with\u200c their local businesses.<\/p>\n<p>The <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/doj-investigating-spacexs-hiring-practices-after-non-u-s-citizen-alleges-discrimination\/\" title=\"DOJ Investigating SpaceX\u2019s Hiring Practices After Non-U.S. Citizen Alleges Discrimination\">court documents reveal<\/a> that Zenit Bank filed for interim measures, requesting the court to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/moodys-cuts-russias-credit-rating-again-to-ca-the-brink-of-default\/\" title=\"Moody\u2019s Cuts Russia\u2019s Credit Rating Again to Ca, the Brink of Default\">seize funds<\/a> belonging to UBS and Credit Suisse and prohibiting the\u2063 disposal of shares.<\/p>\n<p>Although Zenit Bank&#8217;s request to seize funds was not granted, a further court hearing is scheduled \u200cfor September 14.<\/p>\n<p>Last week, a Moscow court sequestered Goldman \u2062Sachs assets in Russia, including its 5% \u200cstake in Detsky Mir, Russia&#8217;s\u200b largest toy retailer, at the request of \u200dOtkritie Bank. Otkritie Bank claimed that Goldman Sachs owed it 615 million\u200b roubles, as shown in court documents.<\/p>\n<\/p>\n<p>  (Reporting by Elena Fabrichnaya; Writing by Alexander \u2063Marrow; Editing by Alexander Smith)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/russian-court-bans-ubs\/attachment\/file-photo-the-logos-of-swiss-bank-credit-suisse-and\/\"><\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><h3>Grassroots Fight Over Parental and\u200c Transgender Children&#8217;s Rights in New Jersey<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><h3>Grand Jury May Indict \u2062Trump in Georgia, Developers Eye Hawaii Fire for Profit<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><h3>Criminal Charges Against Donald Trump \u200bBriefly Appear on Fulton County Website<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><h3>Shocking Video Captures Mob of\u200b Robbers in Los Angeles Mall<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><h3>Nebraska Congressman Don \u200bBacon Claims FBI Warned About Potential \u200dViolence<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><h3>Ola Electric Launches Affordable Electric Scooters in India<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><h3>Livestream Sales Host\u200b in China Finds Success in New Career<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><h3>Sea Ltd\u2062 to Increase Investments in E-commerce Business<\/h3>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>A Moscow court has prohibited UBS and Credit Suisse from selling shares in their Russian subsidiaries, according to court documents. Zenit Bank, worried about potential losses if the banks leave Russia, made the request. In a statement, Zenit expressed its belief in the Russian market&#8217;s potential.<\/p>\n","protected":false},"author":66,"featured_media":2001233,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-2001232","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2001232","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2001232"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2001232\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2001233"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2001232"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2001232"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2001232"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}