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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

☆ 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

April 27 (Reuters) - The rouble steadied on Thursday, with the market looking ahead to Friday's interest rate decision, as favourable month-end tax payments propped the Russian currency up amid a significant drop in oil prices. By 1322 GMT, the rouble was 0.2% stronger against the dollar at 81.44 and had gained 0.6% to trade at 89.76 versus the euro . Month-end tax payments that usually lead exporters to convert foreign currency revenue to meet local liabilities are putting a floor under the rouble. Oil prices dropped almost 4% on Wednesday, extending sharp losses from the previous session, driven by fears of a U.S. recession and an increase in Russian oil exports which dulled the impact of OPEC production cuts. "We still see no reason for the central bank to change the rate and its rhetoric, but inflation risks will continue to concern the central bank more than economic growth," said Dmitry Polevoy, head of investment at Locko-Invest.

☆ Russia's VTB eyes rebound after sanctions-hit $7.7 bln loss
▼ + stars: | 2023-04-05 | by ( Elena Fabrichnaya | ) www.reuters.com time to read: +3 min

CEO Andrei Kostin has blamed the bank's losses squarely on Western sanctions against Russia's financial sector. VTB posted a net loss of 612.6 billion roubles ($7.73 billion), down from a record profit of 327.4 billion roubles in 2021. Provisioning costs increased 343.3% to 514.3 billion roubles and net interest income slumped 50.3% to 321.0 billion roubles. It purchased rival Otkritie for 340 billion roubles from Russia's central bank late last year and is planning a second additional share issue this quarter, in which it plans to raise 50-125 billion roubles. The disposal of those subsidiaries cost VTB 229 billion roubles before tax.

☆ Russian rouble weakens ahead of Putin address to parliament
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +2 min

At 0732 GMT the rouble was 0.7% weaker against the dollar at 75.05 , edging closer to an almost 10-month low of 75.30 hit on Friday. The Russian currency had lost 0.5% to 80.04 versus the euro and was down 0.2% against the yuan at 10.89. The rouble is usually in greater demand before month-end taxes are due on Feb. 28, when exporters typically convert their foreign currency revenue. Nevertheless, oil prices remain high and the rouble should be supported by exporters in the final third of February, Kochetkov added. Banks, have also proved resilient, with lenders now jostling for business from the state and the country's big corporate players.

The SWIFT global payments system block and the freezing of more than $300 billion worth of central bank reserves abroad took Russia by surprise. The top executive at the top-20 Russian bank said Moscow was unprepared in particular for liquid assets being blocked and euro and dollar swaps becoming unavailable. "No one expected that the central bank would come under sanctions, and that it would be unable to help with foreign currency liquidity at that difficult moment," they said. 'BEST FRIEND'For banks, central bank support was crucial to weathering the initial hit to their business. The central bank's forecast is more restrained, at around 1 trillion roubles.

LONDON, Jan 27 (Reuters) - The High Court in London ruled on Friday that a prominent Russian businessman could not pause an $850 million fraud lawsuit brought by two Russian banks because of British sanctions. Boris Mints and his sons Dmitry, Alexander and Igor are being sued by National Bank Trust, which is 99% owned by the Central Bank of Russia, on behalf of Bank Otkritie, once Russia’s largest private lender before it collapsed in 2017. The judge said her written ruling containing her reasons for refusing to pause the case would be published on Friday afternoon. She also granted permission to appeal against her decision to both the Mints family and the banks, saying: "It is plainly a case with far wider implications." Reporting by Sam Tobin; Editing by Elizabeth Piper and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Rouble edges higher after biggest weekly slump since July
▼ + stars: | 2022-12-26 | by ( ) www.reuters.com time to read: +2 min

The rouble lost about 8% last week and is down 12.5% this month after an oil embargo and price cap came into force. At 0711 GMT the rouble was 0.8% stronger against the dollar at 69.67 . Brent crude oil , a global benchmark for Russia's main export, was up 3.7% at $84.0 a barrel, giving Russian equities some support. The dollar-denominated RTS index (.IRTS) was up 0.1% at 964.1 points while the rouble-based MOEX Russian index (.IMOEX) gained 0.4% to 2,132.1 points. For Russian equities guide seeFor Russian treasury bonds seeReporting by Alexander Marrow Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Volatile rouble recovers ground after biggest weekly slump since July
▼ + stars: | 2022-12-26 | by ( Alexander Marrow | ) www.reuters.com time to read: +2 min

The rouble lost about 8% last week and is down over 10% this month after an oil embargo and price cap came into force. By 0748 GMT the rouble was 2.8% stronger against the dollar at 68.31 . Brent crude oil , a global benchmark for Russia's main export, climbed to a near three-week high in its final trading session before the Christmas break, last up 3.7% at $84.0 a barrel. The dollar-denominated RTS index (.IRTS) was up 2.1% at 983.4 points while the rouble-based MOEX Russian index (.IMOEX) gained 0.3% to 2,130.6 points. For Russian equities guide seeFor Russian treasury bonds seeReporting by Alexander Marrow Editing by David Goodman, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Rouble slumps to weakest vs dollar since May
▼ + stars: | 2022-12-21 | by ( Alexander Marrow | ) www.reuters.com time to read: +3 min

By 0939 GMT, the rouble was down 2.5% against the dollar at 70.60 , after hitting 70.7550 earlier. The rouble has already lost more than 8% this week against the dollar and around 12% since a cap on Russian oil prices came into force. FALLING REVENUESThe rouble has been catching up with the weakening of Russia's balance of payments, said Rachel Ziemba, founder of Ziemba Insights. "In recent months, Russian export revenues have fallen as it sharply reduced gas exports and the EU oil embargo is limiting oil revenues." The rouble-based MOEX Russian index (.IMOEX) was 0.6% higher at 2,131.8 points, rebounding from a near eight-week low hit in the previous session.

☆ Luxembourg authorises some frozen Russian assets to be unblocked
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +2 min

The general licence issue should allow non-sanctioned Russian investors to transfer assets from the NSD, Russia's domestic paying agent that was sanctioned by the European Union in June, to other locations. Analysts from Otkritie Investments wrote that Luxembourg appeared to have taken numerous appeals from Russian depositories and investors into account. "This is a clear and positive signal that gives grounds to expect a decision on the issue of unblocking securities of Russian private investors," Otkritie analysts said. The EU sanctions on the NSD, as well as other Western measures aimed at restricting Russia's access to global financial infrastructure, have blocked many Russian investors' access to securities held in jurisdictions outside Russia. "Comments and interpretations of the text will be given later, after consultation with the group's legal consultant," the NSD said.

☆ Russia's central bank governor Nabiullina speaks after holding rates at 7.5%
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +5 min

Dec 16 (Reuters) - Russian Central Bank Governor Elvira Nabiullina and her deputy Alexei Zabotkin gave a news conference after the central bank left its key rate unchanged at 7.5% on Friday. These funds will return to the Russian banking sector as confidence in macroeconomic stability and in price stability grows. We believe this transaction will ensure the development of the banking sector without the participation of the central bank as an owner. NABIULLINA ON BANKING SECTOR PERFORMANCEAs for 2022 financial results, it is premature to give specific estimates, but I can say that the banking sector has reduced its losses, compared to the level in the middle of the summer. Many banks have reached profitability - most banks have reached profitability, therefore we expect the banking sector to be profitable in 2023.

☆ Analysis: Russian oil revenues could weather EU ban, G7 price cap
▼ + stars: | 2022-12-02 | by ( Olesya Astakhova | ) www.reuters.com time to read: +7 min

Looking ahead to 2023, one of the main variables will be the ceiling G7 countries and the EU agree on importing Russian oil. Some of the biggest importers of Russian oil, including China and India, are not part of the initiative. The more Russian oil that is lost to world markets, the greater the likely impact on prices. "If the price cap is around $60 per barrel, Russia will continue to export its oil comfortably." Beyond the price cap and European import ban, Russia's oil sector may also be affected by COVID-19 restrictions in China, an increasingly important buyer of its crude.

☆ Oil embargo set to restrain Russian stocks recovery in 2023
▼ + stars: | 2022-11-29 | by ( Alexander Marrow | ) www.reuters.com time to read: +3 min

The Russian market crashed in February after Moscow sent tens of thousands of troops into Ukraine, triggering sweeping western sanctions. Risk aversion has soared but some fundamentals, such as a strong price of oil, Russia's main export, have underpinned the market. The G7, European Union and Australia, are set to implement a price cap on seaborne exports of Russian oil on Dec. 5. Oil and gas exporters have a strong weighting in Russian stock indexes. "For Russian oil producers, the 2023 outlook is closely linked to the effect from the EU oil embargo on Russian oil and oil products, and also the effect from the price ceiling," said Mikhail Shulgin, head of global research at Otkritie Investment.

Nov 10 (Reuters) - Russia does not intend to postpone the sale of bailed-out lender Otkritie to Russia's second biggest bank VTB (VTBR.MM), central bank governor Elvira Nabiullina said on Thursday. She said that she is confident the deal will be completed before the end of the year. Reporting by Reuters. Editing by Jane MerrimanOur Standards: The Thomson Reuters Trust Principles.

☆ Russia to give central bank more time to complete Otkritie sale
▼ + stars: | 2022-11-09 | by ( Andreas Rinke | Christina Amann | ) www.reuters.com time to read: +1 min

MOSCOW, Nov 9 (Reuters) - Russia's government has submitted a draft law to parliament that would extend the central bank's right to sell bailed-out lender Otkritie to Russia's no. 2 bank VTB (VTBR.MM) without a tender for another year. The central bank and Otkritie did not immediately respond to a request to comment. The central bank bailed out Otkritie, once Russia's largest private lender, in 2017 as part of a years-long campaign to clean up Russia's banking sector. Following the bail-out and an asset review, the central bank had been looking to offload Otkritie, with Italy's UniCredit rumoured as a suitor for the bank.

☆ Rouble rebounds vs dollar as Russian market reopens after long weekend
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +2 min

At 0741 GMT, the rouble was 0.9% stronger against the dollar at 61.53 and had gained 0.1% to trade at 60.95 versus the euro . Better-than-expected U.S. jobs data saw the dollar fall on Friday, when the Russian market was closed. "The Russian market is set for a neutral opening, though crude has every chance to drive the market higher," said BCS Global Markets in a note. The rouble-based MOEX Russian index (.IMOEX) was 0.9% lower at 2,176.2 points. For Russian equities guide seeFor Russian treasury bonds seeReporting by Alexander Marrow; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

☆ Russian rouble slides past 62 vs dollar to over 2-week low
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +2 min

By 0758 GMT, the rouble was 0.7% weaker against the dollar at 62.20, earlier sliding to its weakest mark since Oct. 17. The Russian currency had gained 0.4% against the euro to 60.91. A slip in oil prices, Russia's key export, also put pressure on the Russian currency, with Brent crude oil trading down 0.9% to $95.3 a barrel. The rouble has also now lost the support of month-end tax payments, that usually see exporters convert foreign currency revenues to pay local liabilities. Russian stock indexes opened sharply lower, tracking global markets after the Fed's rate hike fuelled fears of a recession.

☆ Rouble gains as central bank set to end rate-cutting cycle
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +1 min

Oct 27 (Reuters) - The Russian rouble climbed in early morning trading on Thursday, a day before the central bank is due to meet for its rate-setting decision. After two weeks of gains that have added more than 10% to the local stock market, Russian stocks advanced slightly on Thursday morning. The rouble-based MOEX Russian index (.IMOEX) was 0.4% higher at 2129.7 points. "The Russian market is not yet ready for long periods of growth. Therefore, within a few days any increase runs into profit-taking," analysts at the state-owned Otkritie bank said in a research note on Thursday.

☆ Russian rouble steady as exporters convert foreign currency
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +2 min

The Russian rouble opened 0.4% down against the U.S. dollar, trading at 61.91 at 0730 GMT. The month-end tax period prompts Russian exporters to convert their foreign currency earnings into roubles to make payments to the Russian treasury, typically boosting the domestic currency. Any upside, however, is likely to be limited by continuing discussions in Brussels over another package of sanctions on Russia, analysts added. The dollar-denominated RTS index (.IRTS) was down 0.1% at 1,026.5 points while the rouble-based MOEX Russian index (.IMOEX) was 0.4% up at 2,020.6 points. For Russian equities guide seeFor Russian treasury bonds seeRegister now for FREE unlimited access to Reuters.com RegisterEditing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

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