Moscow bans UBS, CS from selling shares in Russian subsidiaries

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Moscow bans UBS, CS from selling shares in Russian subsidiaries
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A Moscow court has banned two major Swiss banks — UBS and Credit Suisse — from trying to wriggle their way out of their Russian subsidiaries,Moscow-based Zenit Bank requested the ban, citing concerns about losing money should the two Swiss banks exit, per the news agency.

However, once Western sanctions were placed on Russia over its invasion of Ukraine, Credit Suisse told Zenit it would not transfer loan repayments from Intergrain, per Reuters.

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