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☆ 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

☆ 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.

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.

☆ 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.

☆ 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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