MOSCOW, August 15./TASS/. The Moscow Arbitration Court has partly granted the petition of Russia’s Zenit Bank to recognize Credit Suisse represented by its legal successor UBS AG and banned both credit institutions from disposing of shares and participation interests in their Russian subsidiaries.
According to the arbitration cases card file, the law banned sales, provision as a security for own or third party liabilities and other encumbrances of 99.9% shares in Bank Credit Suisse (Moscow) and almost 99.9% participation units in UBS Bank. Similar restrictions apply to 99.9% of participation interests in Credit Suisse Securities LLC (Moscow).
In October 2021, Zenit Bank joined an agreement on a syndicated loan between Integrain S.A. as a borrower and Credit Suisse AG, London Branch, as the credit agent. Zenit remitted $20 mln under the Agreement.
On February 24, 2023, the United States and the United Kingdom introduced blocking sanctions against Zenit. Later, Credit Suisse sent a notice to the bank that funds were received from Integrain S.A. but would not be paid to Zenit because of its presence in sanction lists. Failure to transfer money (evasion of remittance) from the side of Credit Suisse violates lawful rights of the bank and inflicts losses, Zenit said.