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☆ Russian lender Sovcombank eyes valuation of up to $2.5 bln post-IPO
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +2 min

A view shows a board with the logo of Sovcombank at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 17, 2022. REUTERS/Maxim Shemetov Acquire Licensing RightsMOSCOW, Dec 1 (Reuters) - Russian lender Sovcombank said on Friday it expects a market capitalisation of 200-219 billion roubles ($2.24-$2.46 billion)after its initial public offering (IPO) on Moscow Exchange later this month, the latest in a small flurry of Russian market debuts. Sovcombank said it has already received offers for half of the expected overall offer size from a number of major Russian institutional investors to participate in the IPO. Russian companies have raised around 29 billion roubles this year through IPOs, with listings characterised by small volumes and the presence of domestic retail investors. Pawn broker Mosgorlombard also announced its intention to list on Friday, expecting a free float of 36% after an early-December debut.

Persons: Maxim Shemetov, Sovcombank, Dmitry Gusev, Mosgorlombard, Elena Fabrichnaya, Alexander Marrow, Guy Faulconbridge, Susan Fenton Organizations: St ., Economic, REUTERS, Rights, Thomson Locations: St, St . Petersburg, Saint Petersburg, Russia, Moscow, Ukraine, IPOs

☆ Russian court rules in favour of VTB Bank's $122 mln claim from former European subsidiary
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +1 min

SummaryCompanies This content was produced in Russia where the law restricts coverage of Russian military operations in UkraineMOSCOW, Dec 1 (Reuters) - A Russian court has ruled that state-owned lender VTB's (VTBR.MM) claim for 112.6 million euros ($122.1 million) from its former European subsidiary should be paid, court filings showed on Friday. VTB in September filed a lawsuit seeking to recover debt from the former subsidiary, now called OWH SE, and applied for interim measures that were granted in full, leading the Russian court to freeze securities owned by OWH. Frankfurt-based VTB Bank (Europe) SE, already ring-fenced by regulators due to sanctions and in liquidation since last year, has been renamed OWH SE, its Chief Executive Officer Frank Hellwig said last month. German regulator BaFin said the measures had resulted in a complete ring-fencing of the subsidiary from its parent. ($1 = 0.9222 euros)Reporting by Elena Fabrichnaya; Writing by Alexander Marrow; editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

Persons: VTB, Frank Hellwig, OWH, BaFin, Elena Fabrichnaya, Alexander Marrow, Kirsten Donovan Organizations: VTB's, OWH ., VTB Bank, Thomson Locations: Russia, Ukraine MOSCOW, OWH . Frankfurt, Europe, Ukraine, VTB

One Russian banking source close to the Russian central bank said receiving revenue in a non-convertible currency with little value outside India was "pointless". They said, however, the problem remained of finding a viable alternative to the dollar, and that the problems affect buyers in Africa, China and Turkey which have become top buyers of Russian oil. The biggest issue, however, concerns India, which has been buying more than 60% of Russian seaborne oil, according to LSEG data and Reuters calculations. India's top refiner Indian Oil Corp (IOC.NS) is struggling to settle some payments, mainly for the purchase of Russia's light, sweet Sokol grade from the Sakhalin 1 project. From October, several UAE banks have tightened control over Russia-focused clients to ensure compliance with the price cap, according to five oil trading and bank sources.

Persons: Yang Mei Hu, Tatiana Meel, Ivan Nosov, Sokol, YUAN, Barbara Lewis Organizations: COSCO Shipping, REUTERS, U.S ., UAE, Reuters, Indian Oil Corp, Sokol, IOC, UAE dirhams, Thomson Locations: Nakhodka, Russia, Ukraine Russian, MOSCOW, DELHI, Ukraine, India, Russian, Hong, Africa, China, Turkey, Washington, Moscow, United States, Russia's, Sakhalin, UAE

☆ Russian central bank to resume domestic FX market interventions from January
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +2 min

The central bank in August stopped buying foreign currency until the end of the year to avoid aggravating pressure on the rouble, which tumbled past 100 to the dollar in August and September. "From January 2024, the Bank of Russia is resuming operations on the domestic foreign currency market connected to replenishing and using National Wealth Fund (NWF) funds, including taking into account all operations carried out with NWF funds in 2023," the central bank said in a statement. "Therefore, from the start of 2024, the central bank will not buy foreign currency (what it did not buy in August-December), but will increase its sales," Suvorov said. The rouble did not react on Monday, continuing to hover near the more than five-month high it hit last week. The central bank conducts those operations on behalf of the finance ministry, which resumed its interventions in January after a hiatus of several months, shunning what it terms "unfriendly" Western currencies in favour of China's yuan.

Persons: Yevgeny Suvorov, Suvorov, Elena Fabrichnaya, Alexander Marrow, Mark Trevelyan Organizations: Bank of Russia, Wealth Fund, Thomson Locations: Russia, Ukraine MOSCOW, Russian

☆ Russia's sanctioned Sovcombank requests US licence to make UN climate payments
▼ + stars: | 2023-11-23 | by ( Elena Fabrichnaya | ) www.reuters.com time to read: +2 min

A view shows a board with the logo of Sovcombank at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 17, 2022. "We have funds in foreign currency for these payments, but we have not received any response from them yet, unfortunately." Avtukhov said Sovcombank was in dialogue with the UN on the matter. "We have not suspended our membership in international organisations," Avtukhov, who also sits on Sovcombank's board, said. There are certain difficulties with making payments in general for Russian participants of this programme," Avtukhov said.

Persons: Maxim, Sovcombank, Mikhail Avtukhov, Avtukhov, Elena Fabrichnaya, Alexander Marrow, Kirsten Donovan Organizations: St ., Economic, REUTERS, U.S . Treasury, United, Reuters, European Union, Foreign Assets, United Nations Environment, Finance Initiative, U.S, Treasury, UN, Thomson Locations: St, St . Petersburg, Saint Petersburg, Russia, Ukraine MOSCOW, Russian, United Nations, Sovcombank, Ukraine, Washington, Moscow

☆ Russian Agricultural Bank files lawsuit against JP Morgan
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +1 min

A J.P. Morgan logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith/File Photo Acquire Licensing RightsMOSCOW, Nov 21 (Reuters) - State-owned Russian Agricultural Bank has filed a lawsuit against JP Morgan (JPM.N) in a Moscow court, court files showed on Tuesday. Russian Agricultural Bank, the main financial intermediary for Russian food and fertiliser exports, has been hit by Western sanctions and disconnected from the SWIFT international payment system. While trying to salvage a deal that allowed grains to be safely exported from Ukraine's Black Sea ports, the United Nations earlier this year arranged for JP Morgan to operate a special payments link with the Russian bank. Russian banks have also filed dozens of lawsuits against Western financial intermediaries over funds frozen due to sanctions.

Persons: Morgan, Stephanie Keith, JP Morgan, Elena Fabrichnaya, Olzhas Organizations: REUTERS, Rights, Russian Agricultural Bank, SWIFT, United Nations, Thomson Locations: New York City, U.S, Moscow, Russian

"This super pre-emptive right will work only in specific cases, with specific companies," Chebeskov said on the sidelines of a financial forum in Moscow on Nov. 14. "The idea was that this concerns only those strategic companies in which the state already has a share," Chebeskov said. The lack of clarity and uncertain timeline highlights the unpredictable nature of regulatory changes facing investors and businesses seeking to adjust their exposure to Russia. This compares with net outflows of around $48 million in March 2022 and $69 million in February this year. Western investors have already struggled to get assets out of Russia.

Persons: Vladimir Putin, Ivan Chebeskov, Chebeskov, Rybalkin, Tskhakaya, Thomas J Brock, Carlsberg's, Putin, JP Morgan, JPM, Vijay Marolia, Brock, Sinead Cruise, Alexander Marrow, Elena Fabrichnaya, Darya Korsunskaya, Jane Merriman Organizations: Ukraine LONDON, Reuters, Nato, Dyakin, Partners, Kaiser Consulting, Investors, Morningstar Direct, Federal Property Agency, Assets, Deutsche Bank, Regal Point Capital, HSBC, Expobank, Thomson Locations: Russia, Ukraine, MOSCOW, Moscow, Russian, Magnit, London

This means there are practically no workers left in the economy, the situation with personnel is really very acute," Nabiullina said. "For further growth of the Russian economy, increased labour productivity is needed." Inflation pressure peaked in the third quarter of this year, Nabiullina said, but annual inflation will only start decreasing next spring. The central bank's forecasts suggest that reaching the 4% target by end-2024 will be a tough ask. Nabiullina said another rate hike may be required before the bank can start reducing borrowing costs again.

Persons: Central Bank Governor Elvira Nabiullina, Nabiullina, Yevgeny Prigozhin, Prigozhin, Elena Fabrichnaya, Alexander Marrow, Alison Williams, Gareth Jones Organizations: Central Bank Governor, State Duma, Thomson Locations: Russia, Ukraine MOSCOW, Moscow, Ukraine, State, Russian, London

☆ Sberbank CEO expects 'serious cooling' in Russian mortgage market
▼ + stars: | 2023-11-08 | by ( Elena Fabrichnaya | ) www.reuters.com time to read: +2 min

REUTERS/Maxim Shemetov/File photo Acquire Licensing RightsMOSCOW, Nov 8 (Reuters) - Russia's biggest bank Sberbank (SBER.MM) expects a sharp cooling of the mortgage market following an expected 80% rise in mortgage lending this year, CEO German Gref said on Wednesday. Gref said the bank's mortgage issuance for the whole of 2023 was expected to reach 4.6 trillion roubles ($50.1 billion). VTB, Russia's number two bank, expects mortgage loans across the entire sector to total 7.2 trillion roubles this year, falling to between 5 and 5.5 trillion roubles in 2024. Vyacheslav Dusaleyev, head of retail business at Rosbank, gave corresponding forecasts of 7.3 trillion roubles this year and 5 trillion next year. Mortgage demand has remained buoyant in part because of the wide range of preferential offers available, according to the central bank.

Persons: Maxim, Gref, Sberbank, Vyacheslav Dusaleyev, Olga Polyakova, Elena Fabrichnaya, Mark Trevelyan, Christina Fincher Organizations: St ., Economic, REUTERS, Rights, Mortgage, Thomson Locations: St, St . Petersburg, Saint Petersburg, Russia, Moscow, Rosbank

☆ Putin Signs Decree Allowing Foreigners to Swap Frozen Funds for Blocked Russian Assets Abroad
▼ + stars: | 2023-11-08 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +1 min

MOSCOW (Reuters) - Russia's President Vladimir Putin signed a decree on Wednesday allowing foreign investors with funds frozen in Russia to use them to buy blocked assets of Russians abroad. As a result of sanctions imposed by the West over Russia's actions in Ukraine, more than 3.5 million Russians have frozen assets abroad worth around 1.5 trillion roubles ($16.3 billion). Under the decree, Russia will allow citizens of what it deems "unfriendly" countries to buy frozen securities held abroad by Russians by using funds from special "type-C" accounts in Russia, which are otherwise effectively blocked. Russia plans to unblock accounts worth about 100 billion roubles in the first phase. ($1 = 91.8080 roubles)(Reporting by Elena Fabrichnaya and Mark Trevelyan; Editing by Andrew Cawthorne)

Persons: Vladimir Putin, Putin's, Elena Fabrichnaya, Mark Trevelyan, Andrew Cawthorne Organizations: West Locations: MOSCOW, Russia, Ukraine, United States

☆ Putin signs decree allowing foreigners to swap frozen funds for blocked Russian assets abroad
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +1 min

Russian President Vladimir Putin meets Defence Minister Sergei Shoigu and vice chairman of China's Central Military Commission General Zhang Youxia at the Novo-Ogaryovo state residence outside Moscow, Russia November 8, 2023. Sputnik/Sergei Bobylev/Pool via REUTERS/File photo Acquire Licensing RightsMOSCOW, Nov 8 (Reuters) - Russia's President Vladimir Putin signed a decree on Wednesday allowing foreign investors with funds frozen in Russia to use them to buy blocked assets of Russians abroad. As a result of sanctions imposed by the West over Russia's actions in Ukraine, more than 3.5 million Russians have frozen assets abroad worth around 1.5 trillion roubles ($16.3 billion). Under the decree, Russia will allow citizens of what it deems "unfriendly" countries to buy frozen securities held abroad by Russians by using funds from special "type-C" accounts in Russia, which are otherwise effectively blocked. ($1 = 91.8080 roubles)Reporting by Elena Fabrichnaya and Mark Trevelyan; Editing by Andrew CawthorneOur Standards: The Thomson Reuters Trust Principles.

Persons: Vladimir Putin, Sergei Shoigu, Zhang Youxia, Sergei Bobylev, Putin's, Elena Fabrichnaya, Mark Trevelyan, Andrew Cawthorne Organizations: Defence, China's, Military, Sputnik, Rights, West, Thomson Locations: Moscow, Russia, Ukraine, United States

☆ Russian cenbank: capital controls may have reverse effect long-term, make rouble weaker
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +1 min

MOSCOW, Nov 7 (Reuters) - Capital controls on certain Russian exporters that went into force last month may have the opposite of their intended effect in the long term, leading to a weaker and more volatile rouble, the Russian central bank said in a report on Tuesday. The rouble has strengthened from beyond 100 to the dollar since that decree was announced. The central bank's higher-than-expected hike in its main interest rate, to 15%, in late October has also helped. The bank also said in its report that it expected annual inflation to start coming down next spring due to Russians' increased savings and higher interest rates. Annual inflation in Russia is seen at 7.25% in the fourth quarter, compared to 6.00% in the third quarter, according to the bank's assessment.

Persons: Alexander Marrow, Elena Fabrichnaya, Marina Bobrova, Gareth Jones Organizations: Thomson Locations: MOSCOW, Russian, Russia

Nabiullina also said the budget was a significant factor in Friday's decision. "It looks like today's interest rate hike front-loaded the tightening cycle in response to the fiscal announcements earlier this month," said Liam Peach, senior emerging markets economist at Capital Economics. The central bank's tightening cycle began this summer when inflationary pressure from a tight labour market, strong consumer demand and the budget deficit was compounded by the falling rouble. But the bank set its 2023 key rate range at 15-15.2%, suggesting rates could climb further and Nabiullina said that may be required. Sinara Investment Bank analyst Sergei Konygin said the lack of forward hawkish guidance meant it was highly likely the key rate had already reached its upper boundary.

Persons: Elvira Nabiullina, Nabiullina, Liam Peach, Dmitry Polevoy, Sergei Konygin, Vladimir Soldatkin, Elena Fabrichnaya, Alexander Marrow, Gareth Jones, Mark Trevelyan, John Stonestreet, Mike Harrison Organizations: Bank, Russia, Bank of Russia, Capital Economics, Reuters, Sinara Investment Bank, Thomson Locations: Russia, Ukraine MOSCOW, Ukraine, Moscow, Locko, London

☆ Moscow court upholds Rosbank's $12 mln damages claim against Citi
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +1 min

The logo for Citibank is seen on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 3, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsMOSCOW, Oct 26 (Reuters) - A Moscow court has upheld a claim by Rosbank (ROSB.MM) to recover damages worth 94.47 million Hong Kong dollars ($12.08 million) from U.S. lender Citi (C.N) and its affiliate in Hong Kong, Russian court documents showed on Thursday. Rosbank first asked the court for damages in July, requesting interim asset seizures, concerned that Citi's efforts to fully extricate itself from Russia may reduce its assets there before a decision was reached. The court did not grant interim measures then, but in filings dated Oct. 26, it said: "The claim was satisfied in full." ($1 = 7.8210 Hong Kong dollars)Reporting by Elena Fabrichnaya; writing by Alexander Marrow; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Kelly, Rosbank, Elena Fabrichnaya, Alexander Marrow, Jason Neely Organizations: Citibank, New York Stock Exchange, REUTERS, Rights, Hong Kong, Citi, Rosbank, Thomson Locations: Manhattan , New York City, U.S, Moscow, Hong Kong, Russia, Ukraine

☆ US sanctions authority delayed KFC's Russia exit -franchise owner
▼ + stars: | 2023-09-25 | by ( Elena Fabrichnaya | ) www.reuters.com time to read: +3 min

It's OFAC office issued compliance guidance to the industry regarding the exit tax in the form of FAQs, or frequently asked questions, on Feb. 24, 2023, while negotiations on KFC's exit deal were still ongoing. The deal included all its Russian KFC restaurants, operating system and the trademark for the Rostic's brand. Once the buyers were approved, taking this new requirement into account, another one appeared - the budget contribution termed an "exit tax" by Washington - Levin said. "The closure was delayed again, the correct procedure on paying the exit tax was agreed," Levin said. Former KFC restaurants began opening in April as Rostic's, reviving a brand born soon after the collapse of the Soviet Union.

Persons: Maxim, Sergei Levin, Levin, McDonald's, It's, Konstantin Kotov, Andrey Oskolkov, Elena Fabrichnaya, Alexander Marrow, Matt Scuffham, Timothy Gardner Organizations: Brands Inc, KFC, REUTERS, U.S . Office, Foreign Assets Control, Brands, Treasury, Smart Service, Russian KFC, Washington, Soviet Union, Rostic's, Thomson Locations: Russia, Moscow, Ukraine MOSCOW, U.S, Unirest, KFC's U.S, Ukraine, Russian, Soviet

☆ Russian c.bank governor speaks against reintroducing currency restrictions
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +2 min

Elvira Nabiullina, Governor of Russian Central Bank, speaks to the media during the conference "10 years of the Megaregulator: yesterday, today, tomorrow" in Moscow, Russia September 1, 2023. REUTERS/Evgenia Novozhenina/File photo Acquire Licensing RightsMOSCOW, Sept 15 (Reuters) - Russian Central Bank Governor Elvira Nabiullina spoke out against reintroducing currency controls after hiking rates to 13% on Friday, warning that such steps were inefficient and ultimately would be circumvented. Nabiullina said that discussions about currency restrictions were underway, but were largely for the government to decide. "Administrative restrictions, if they are effective... then they are usually effective only for a limited time," Nabiullina said. Similarly, she said, repatriating FX revenues from foreign banks to Russian ones would have no impact on the rouble rate.

Persons: Elvira Nabiullina, Evgenia, Russian Central Bank Governor Elvira Nabiullina, Nabiullina, Vladimir Putin, Elena Fabrichnaya, Alexander Marrow, Vladimir Soldatkin, Anastasia Lyrchikova, Mark Trevelyan Organizations: Russian Central Bank, REUTERS, Rights, Russian Central Bank Governor, Bank of Russia, Thomson Locations: Moscow, Russia

National flag flies over the Russian Central Bank headquarters in Moscow, Russia May 27, 2022. On Friday, it gave hawkish guidance that it would consider further rate increases at upcoming meetings and said inflationary risks remained significant. The central bank adjusted its year-end forecast for inflation to 6.0-7.0% from 5.0-6.5%. "Russia's central bank is a hawkish institution that takes its commitment to inflation fighting seriously," said Senior Emerging Markets Economist Liam Peach. Central Bank Governor Elvira Nabiullina will shed more light on the bank's forecasts and policy in a media briefing at 1200 GMT.

Persons: Maxim Shemetov, jacking, Liam Peach, Central Bank Governor Elvira Nabiullina, Alexander Marrow, Elena Fabrichnaya, Darya Korsunskaya, Maria Kiselyova, Amruta Khandekar, Andrew Osborn, William Maclean, Catherine Evans Organizations: Russian Central Bank, REUTERS, Kremlin, Capital Economics, Central Bank Governor, Thomson Locations: Moscow, Russia, Russian, Ukraine MOSCOW, Ukraine, London

☆ VTB CEO sees 2023 profit at around 420 bln roubles -news agencies
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: 1 min

The logo of VTB bank is seen on the bank's headquarters in Tehran, Iran, May 23, 2023. Majid Asgaripour/WANA (West Asia News Agency) via REUTERS/File Photo Acquire Licensing RightsMOSCOW, Sept 12 (Reuters) - Russia's second largest bank VTB (VTBR.MM) could make a profit of around 420 billion roubles ($4.46 billion) in 2023, news agencies quoted CEO Andrei Kostin as saying on Tuesday. Kostin said the bank, which plunged to a sanctions-induced loss in 2022, planned to use the profits to replenish its capital. Kostin said the bank was ready to invest up to 1 trillion roubles in floating-rate government debt. ($1 = 94.2500 roubles)Reporting by Elena Fabrichnaya and Alexander Marrow; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Majid Asgaripour, Andrei Kostin, Kostin, Elena Fabrichnaya, Alexander Marrow, Jason Neely Organizations: West Asia News Agency, REUTERS, Rights, Thomson Locations: Tehran, Iran

☆ Top Russian banks say exporters can now get trapped funds from India
▼ + stars: | 2023-09-12 | by ( Elena Fabrichnaya | ) www.reuters.com time to read: +3 min

After Moscow despatched troops to Ukraine in February 2022, Western countries imposed sweeping sanctions and have sought to wean themselves off Russian energy exports. India has been a major beneficiary, picking up Russian oil on the cheap. In response, India is seeking to stimulate investment in several sectors and diversify the goods that India supplies to Russia, Kapoor said at the economic forum. Tightening global supplies have led Russian companies to stop offering fertiliser such as di-ammonium phosphate (DAP) to India at discounted prices, three industry sources told Reuters. On the transactions issue, Kapoor rejected reports in Russian media that rupees stuck in Russian exporters' accounts in India were related to oil supply payments.

Persons: Ivan Nosov, Andrei Kostin, Kostin, Moscow Pavan Kapoor, Kapoor, Sergei Lavrov, Lavrov, Elena Fabrichnaya, Alexander Marrow, Gareth Jones, Emelia Organizations: ., Economic, RBC, Reuters, Thomson Locations: Russia, Ukraine MOSCOW, India, Moscow, Ukraine, Vladivostok, Sberbank, Arab, Emirates, Russian, Jakarta

☆ Russia's VTB to make record profit in 2023 but dividends unlikely, CEO tells RBC
▼ + stars: | 2023-09-10 | by ( ) www.reuters.com time to read: +1 min

The logo of VTB bank is seen at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 15, 2022. REUTERS/Maxim Shemetov/File Photo Acquire Licensing RightsMOSCOW, Sept 11 (Reuters) - Russia's state-owned VTB bank (VTBR.MM) will make a record profit this year, even though dividends are unlikely, the lender's CEO Andrei Kostin told Russian newspaper RBC in an interview published on Monday. RBC quoted Kostin as saying: "Our profit forecasts this year are good, the year is going well. Our target for net profit is 400 billion roubles ($4.13 billion), but I think we will eventually exceed this level and earn record profits." On the urgent recommendation of the central bank, we have suspended ... dividends," the newspaper quotes Kostin as saying.

Persons: Maxim, Andrei Kostin, Kostin, VTB, Elena Fabrichnaya, Felix Light, Christina Fincher Organizations: St ., Economic, REUTERS, Rights, Russian, RBC, United Shipbuilding Corporation, Kremlin, Thomson Locations: St, St . Petersburg, Saint Petersburg, Russia, Ukraine, India

☆ 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

☆ Citigroup's Russian subsidiary to halt ATMs in Russia by year end
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +1 min

The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. In a statement, the bank said that all its cash machines in Russia would stop working by the end of 2023, and that customers could use mobile banking for most transactions. Citigroup Inc announced at the end of last summer that it was closing its Russian division, which resulted in a write-off of about $170 million. At the end of last year, Russian bank Uralsib (USBN.MM) announced that it had bought Citibank's portfolio of consumer loans and would continue servicing them. Reporting by Elena Fabrichnaya; writing by Felix Light; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Chris Helgren, Elena Fabrichnaya, Felix Light, Jason Neely Organizations: Citigroup Inc, Citi, REUTERS, Thomson Locations: Toronto , Ontario, Canada, Russian, Russia

☆ Russia says it won't let foreign banks leave easily
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +1 min

Russian Deputy Finance Minister Alexei Moiseev attends a session of the annual international military-technical forum "ARMY" at Patriot Expocentre in Moscow Region, Russia August 22, 2018. REUTERS/Maxim Shemetov/File photo Acquire Licensing RightsMOSCOW, Sept 1 (Reuters) - Russian Deputy Finance Minister Alexei Moiseev said on Friday that the government would not allow foreign banks to leave Russia easily. "We have stated our position and it stands - we will be tough in letting foreign banks go, it will depend on the decision to unfreeze Russian assets," Moiseev said, speaking at a forum. Responding to questions about applications to sell assets, Moiseev said Austria's Raiffeisen Bank (RBIV.VI) had not made such a request. "I am aware of one foreign bank's application to sell assets ... which is under consideration by the government commission," he said.

Persons: Alexei Moiseev, Maxim, Moiseev, Austria's, Elena Fabrichnaya, Felix Light, Bobrova, Hugh Lawson, Kevin Liffey Organizations: REUTERS, Rights, Austria's Raiffeisen Bank, Thomson Locations: Moscow Region, Russia, Ukraine, Western, Russian

The logo of Russian technology giant Yandex is on display at the company's headquarters in Moscow, Russia December 9, 2022. Moscow already demands a 50% discount on all foreign deals after consultants selected by the Russian government have valued the business. But three people familiar with the exit process for foreign companies said that some deals are facing demands for additional discounts before the government gives a green light. Another person, who works on M&A transactions and with foreign companies, said deals exceeding $100 million were at particular risk of being denied. In its biannual financial stability review, the central bank said foreign companies under pressure to leave Russia were doing so on "unfavourable" terms.

Persons: Evgenia, Carlsberg's, Intesa, Vladimir Putin's, Suren Gortsunyan, Rybalkin, Gortsunyan, Alexey Kupriyanov, Elena Fabrichnaya, Alexander Marrow, Victor Goury, Josephine Mason, Jane Merriman Organizations: REUTERS, Reuters, Heineken, Arnest, Companies, Nasdaq, Russia, Dyakin, Partners, Aspring, Nato, Thomson Locations: Moscow, Russia, Ukraine, MOSCOW, Russian, London, Laffont, Gdansk

The need to reintroduce stringent capital controls comes as Russian authorities grapple with a sharply weakening rouble, which tumbled past 100 to the dollar on Monday. One source at an exporting firm said the discussions concerned the forced conversion of up to 90% of exporters' revenues. Exporters who fail to return revenues to Russia could lose government support measures, too. One Russian banking source told Reuters that about $39 billion is stuck in Indian banks, which oil companies are unable to return to Russia. The high-level source said a minimal level of revenues was held in rupees, with even less in roubles.

Persons: Dado Ruvic, Central Bank Governor Elvira Nabiullina, Elena Fabrichnayaand Anastasia Lyrchikova, Gleb Stolyarov, Alexander Marrow, Gareth Jones, Nick Macfie Organizations: REUTERS, Reuters, RBC, FX, Central Bank Governor, Thomson Locations: Russia, Ukraine MOSCOW, Ukraine, Russia's, Moscow, India, Tbilisi

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