Bloomberg: Credit Suisse launches forced margin liquidation of Russian assets
Credit Suisse has launched forced margin calls for wealthy clients using Russian assets as collateral, after their value plummeted following sanctions against Moscow.
And “Bloomberg” agency reported today, Friday, quoting people connected to the matter, that the second largest bank in Switzerland is asking customers to provide more guarantees after reducing the lending values on Russian securities.
The report indicated that it was not clear how much the margin claims were and whether all of them were met.
Russian assets and the ruble witnessed a strong decline, with the country's economy targeted by sanctions by Western countries, against the backdrop of Moscow's invasion of Ukraine.
Last week, it was reported that several Swiss banks had reduced the amounts they were willing to lend against Russian assets, in some cases reaching zero.