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☆ Russian court rejects Goldman request to dismiss Otkritie lawsuit
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +1 min

The logo of Goldman Sachs is displayed in their office located in Sydney, Australia, May 18, 2016. REUTERS/David Gray/File Photo Acquire Licensing RightsMOSCOW, Sept 8 (Reuters) - A presiding judge at the Moscow Arbitration Court on Friday rejected a Goldman Sachs (GS.N) request to dismiss a $6.3 million lawsuit by Russia's Otkritie (OPENI.MM), which is owned by state bank VTB (VTBR.MM). A lawyer for Goldman had argued on Thursday that the Moscow court had no jurisdiction and the case should instead be heard in London. At Otkritie's request, Goldman's assets in Russia, including its 5% stake in Russia's largest toy retailer, Detsky Mir (DSKY.MM), were sequestered last month. Otkritie says in a filing with the court that Goldman cited sanctions introduced against Moscow by the United States and Britain over Ukraine in failing to settle the debt.

Persons: Goldman Sachs, David Gray, Russia's Otkritie, Goldman, Otkritie, Detsky Mir, Kevin Liffey, Alexander Smith Organizations: REUTERS, Rights, Moscow, Reuters, Thomson Locations: Sydney, Australia, Moscow, London, Russia, United States, Britain, Ukraine

☆ Goldman Sachs lawyer says suit by Russia's Otkritie Bank should be heard in London
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +2 min

The logo of Russian bank Otkritie is seen at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 15, 2022. Otkritie says Goldman owes the money in connection with a derivatives agreement and wants the claim to be handled in the Moscow Arbitration Court. Otkritie, owned by state bank VTB (VTBR.MM), says in a filing with the court that Goldman Sachs cited sanctions introduced against Moscow by the United States and Britain over Ukraine in failing to settle the debt. A lawyer for Goldman asked on Thursday for the lawsuit to be dismissed on the grounds the Moscow court had no jurisdiction. Otkritie's lawyer said the Moscow court should have sole jurisdiction and that sanctions essentially prevented Otkritie from accessing justice services in the UK.

Persons: Maxim, Goldman Sachs, Otkritie, Goldman, Detsky Mir, Elena Fabrichnaya, Mark Trevelyan, David Evans Organizations: St ., Economic, REUTERS, Russia's, Court, Moscow, Reuters, London Court, International, Thomson Locations: St, St . Petersburg, Saint Petersburg, Russia, Ukraine MOSCOW, Moscow, London, United States, Britain, Ukraine

Discovery, was among the Western studios to pull out of Russia after its full-scale invasion of Ukraine last year. A “Barbie House” photo zone was set to open in Moscow last week and Russian clothing brands have launched pink Barbie-themed collections. “Hi Barbie!” one Moscow-based influencer said to her fans, asking them which of her Barbie looks they like the most. Commentaries in state media have linked the movie and the doll to the United States’ “downhill” culture and geopolitical aims. Now they have somewhat different ideals,” said Moscow State Pedagogical University Associate Professor Tatyana Semenova according to Russia’s privately owned National News Service outlet.

Persons: Barbie ”, Barbiemania, “ Barbie, hasn’t, ”, Barbie, Bulkin Sergey, “, influencer, Specialnaya, doesn’t, Dmitry Kosyrev, –, Maria Butina, Butina, Tatyana Butskaya, Barbie don’t, Tatyana Semenova Organizations: CNN, Warner Bros, Russia Russia’s Ministry of Culture, Warner Bros Discovery, RIA Novosti, Press, Moscow, Mattel, Hollywood, Duma, International Affairs, State, State Duma, Moscow State Pedagogical University, National News Service Locations: Russia, Ukraine, Russia Russia’s, Siberian, Tyumen, Moscow, Russian, EU, United States, Asia, South, Vietnam, United Russia

☆ Russian court bans UBS, Credit Suisse from subsidiary disposals
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: +2 min

The logos of Swiss bank Credit Suisse and UBS are seen in Geneva, Switzerland, June 7, 2023. The Russian bank joined an agreement to provide a syndicated loan to Luxembourg-based agricultural firm Intergrain, for which Credit Suisse was the credit agent, the document showed. In November 2021, Zenit transferred $20 million to Intergrain, but after Western sanctions were imposed on Zenit, Credit Suisse notified the Russian bank that it would not transfer payments to it from Intergrain. Credit Suisse and UBS, which bought its smaller rival in June, declined to comment. The court documents showed that Zenit Bank had filed for interim measures, asking the court to seize funds belonging to UBS and Credit Suisse, and prohibiting the disposal of shares.

Persons: Denis Balibouse, Laws, Goldman Sachs, Elena Fabrichnaya, Alexander Marrow, Alexander Smith Organizations: Credit Suisse, UBS, REUTERS, Zenit Bank, Zenit, Intergrain . Credit Suisse, Otkritie Bank, Thomson Locations: Geneva, Switzerland, Russia, Ukraine MOSCOW, Moscow, Russian, Luxembourg, Intergrain ., Ukraine, Detsky Mir, U.S

Moscow's actions have deprived many foreign investors of the ability to trade in Russian securities, including depositary receipts. Investors are worried about future copycat actions by other governments who might look to reduce foreign influence over their leading companies. Depositary receipts, or DRs, are certificates issued by a bank representing shares in a foreign company traded on a local stock exchange. But events in Russia have forced many investors to write down the value of depositary receipts of Russian companies to zero, given their inability to trade them. CONSEQUENCESLoss of confidence in DRs could drain needed foreign capital from firms in emerging economies, for instance.

Persons: Dado Ruvic, Peter C, Earle, Christopher Day, Michael Ashley Schulman, Goldman Sachs, III, Detsky Mir, Goldman, Otkrytie, Schulman, Grzegorz Drozdz, Malcolm Dorson, Sinead Cruise, Carolina Mandl, David Gregorio Our Organizations: REUTERS, Global, American Institute for Economic Research, Reuters, Citigroup, Companies, Citi ., Reuters Graphics, DR, Investors, Doliver Advisors, Running, Capital Advisors, Conotoxia, Russian, Thomson Locations: Moscow, Ukraine, Brazil, China, Russia, GDR, GDRs, United States, Britain, London, Carolina, New York

☆ Russian rouble surges as volatile year draws to a close
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: +2 min

By 0755 GMT, the rouble was 1.8% stronger against the dollar at 70.87 , recovering some ground from the eight-month low of 72.9175 hit in the previous session. The rouble has lost around 13% to the dollar since the price cap on Russian oil exports came into force on Dec. 5, although analysts have said the technical impact would be more strongly felt in January-February. It had gained 0.4% to trade at 75.58 versus the euro and firmed 2.9% against the yuan to 9.89 . Brent crude oil , a global benchmark for Russia's main export, was up 0.6% at $84.0 a barrel. The rouble-based MOEX Russian index (.IMOEX) was 0.2% lower at 2,143.5 points.

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