A Russian appeals court imposed interim measures against Credit Suisse, giving the go-ahead to seize funds and shares amounting to tens of millions of dollars.
An appeals court in Moscow has ruled that funds totaling $20.9 million held by Credit Suisse in Russia can be seized, according to a «Reuters» report Thursday, citing court documents. In detail, this concerns funds for 10.1 million euros and 10.25 million dollars held by Credit Suisse (Moscow).
Share Seizure
Kaluga-based Russian Gazenergobank prevailed in its appeal against an earlier decision of the Moscow Arbitration Court, which decided against such measures.
In addition, the court ordered the seizure of almost 100 percent of the shares of the Russian Credit Suisse subsidiary and Credit Suisse Securities (Moscow). The Swiss bank was prohibited from selling shares in companies unaffected by the seizure of funds. Credit Suisse declined to comment to «Reuters.»
New Law After Invasion
In August, a Moscow court barred Credit Suisse and its parent UBS from selling shares in their Russian subsidiaries after the local Zenit Bank applied that effect. Zenit feared losses from a lending business if Credit Suisse withdrew from Russia.
After invading Ukraine last year, Russia introduced a law under which foreign banks could only terminate their ties with Russian companies with permission.
