MOSCOW, April 15Bank Zenit, controlled by Tatneft, is asking the Moscow Arbitration Court to recover more than $13.6 million (about 1.3 billion rubles at the current exchange rate) from the Swiss company UBS Group AG, the parent of Switzerland's largest bank UBS and Credit Suisse.
As follows from the published court ruling, the claim is for “joint and several recovery” of this amount. Details have not yet been provided, but it is known that arbitration courts of two instances previously recovered exactly the same amount from Credit Suisse Bank, which was involved in this case as a third party. 
Zenith's claim against UBS Group AG was left by the court without progress, since the plaintiff did not translate a number of appendices to the statement of claim into Russian. The violation must be corrected by May 13. The filing of this lawsuit was previously reported, but its subject matter was not known.
The Ninth Arbitration Court of Appeal in February agreed with the lower court, which, based on Zenit's claim, recovered from Credit Suisse more than $13.6 million in debt and interest on the syndicated loan. At the same time, the courts rejected the claims against the second defendant, UBS Bank, which the plaintiff considered the legal successor of Credit Suisse. During the proceedings, however, it became clear that these two banks remained separate legal entities, and the merger took place at the level of their parent structures — Credit Suisse Group AG and UBS Group AG.
The dispute stems from a syndicated loan that Zenit joined in October 2021. Credit Suisse acted as the lending agent. Zenit transferred $20 million to the borrower, Luxembourg-based Intergrain S.A. After the United States and Great Britain imposed blocking sanctions against Zenit in February 2022, it stopped receiving payments from the borrower. At the same time, Intergrain transfers the tranches due to Zenit to the agent bank, but Credit Suisse notified Zenit that the money will not be paid due to sanctions.
The debt on the syncredit became the basis for Zenit's application for bankruptcy to Credit Suisse in April, which has not yet been accepted for consideration. On December 1, the Moscow Arbitration Court rejected Zenit's first application for bankruptcy of Credit Suisse represented by UBS Bank and terminated the bankruptcy proceedings. This was the first bankruptcy case of a foreign bank initiated in a Russian court.
In March 2023, the price of Credit Suisse shares on the stock exchange fell by a quarter in one day. Following this, the Swiss central bank announced that UBS would acquire Credit Suisse for 3 billion francs ($3.2 billion). In June, the UBS group officially announced the completion of the purchase of Credit Suisse.
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