Russian court rules that $20.9 million in Credit Suisse assets may be seized


Reuters
Thu, October 19, 2023 


MOSCOW (Reuters) - A Russian appeals court has imposed interim measures against Credit Suisse and ruled that funds totalling $20.9 million held by the Swiss bank in Russia may be seized, court filings published on Thursday showed.

Credit Suisse declined to comment.

Kaluga-based Russian lender Gazenergobank won its appeal on Oct. 16 against an earlier decision by Moscow's arbitration court, which had opted not to grant interim measures, the filings showed.

The court said funds equivalent to 10.1 million euros ($10.65 million) and $10.25 million held by Bank Credit Suisse (Moscow) should be seized.

The court also ordered the seizure of almost 100% of shares in Bank Credit Suisse (Moscow) and Credit Suisse Securities (Moscow) and prohibited the Swiss lender from disposing of shares in those entities not covered by the seizure of funds.

In August, a Moscow court banned Credit Suisse and its parent UBS from disposing of shares in their Russian subsidiaries after a request from Zenit Bank, which is concerned about losing out if they exit Russia.

UBS swallowed up its stricken rival Credit Suisse earlier this year.

Laws introduced after Russia despatched troops to Ukraine in February last year have made presidential approval necessary for foreign banks to cut ties with their local business. ($1 = 0.9482 euros)

(Reporting by Elena Fabrichnaya and Alexander Marrow; Editing by Kevin Liffey)