{"id":72214,"date":"2026-09-25T01:08:12","date_gmt":"2026-09-25T05:08:12","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/credit-suisse-settles-a2-8-billion-greensill-suit-russian-oil-refinery-halted-after-drone-strike\/72214\/"},"modified":"2026-09-25T01:08:12","modified_gmt":"2026-09-25T05:08:12","slug":"credit-suisse-settles-a2-8-billion-greensill-suit-russian-oil-refinery-halted-after-drone-strike","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/credit-suisse-settles-a2-8-billion-greensill-suit-russian-oil-refinery-halted-after-drone-strike\/72214\/","title":{"rendered":"Credit Suisse Settles A$2.8 Billion Greensill Suit; Russian Oil Refinery Halted After Drone Strike"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>Credit Suisse<\/strong> reaches a confidential settlement with <strong>Insurance Australia Group<\/strong> (<a href=\"\/stock\/IAG\">IAG<\/a>) over a <strong>A$2.8 billion ($2 billion)<\/strong> lawsuit related to the 2021 collapse of <strong>Greensill Capital<\/strong>.<\/li>\n<li>Russia&#39;s <strong>Novoshakhtinsk oil refinery<\/strong> in the Rostov region has <strong>temporarily suspended operations<\/strong> following a damaging overnight drone attack attributed to Ukrainian forces.<\/li>\n<li><strong>Northern Ethiopia<\/strong> is experiencing significant <strong>internet disruptions<\/strong> and a telecoms blackout in the Tigray region as conflict intensifies between federal and regional forces.<\/li>\n<li>The <strong>Credit Suisse<\/strong> settlement is expected to have <strong>no material impact<\/strong> on IAG\u2019s fiscal 2027 financial results due to anticipated insurance and reinsurance recoveries.<\/li>\n<\/ul>\n<h2>Credit Suisse and IAG Resolve Multi-Billion Dollar Greensill Dispute<\/h2>\n<p><strong>Credit Suisse<\/strong>, now a subsidiary of <strong>UBS Group<\/strong> (<a href=\"\/stock\/UBS\">UBS<\/a>), has finalized a settlement with <strong>Insurance Australia Group<\/strong> (<a href=\"\/stock\/IAG\">IAG<\/a>) over litigation stemming from the <strong>Greensill Capital<\/strong> insolvency. The legal proceedings, which were set to begin in Australia&#39;s Federal Court this week, involved claims with an aggregate face value of <strong>A$2.8 billion ($2 billion)<\/strong> plus interest.<\/p>\n<p>While the specific terms of the agreement remain <strong>confidential<\/strong>, <strong>IAG<\/strong> stated that the settlement would not materially affect its financial position or <strong>FY27 results<\/strong>. The insurer noted that costs would be largely offset by <em>recoveries from its own reinsurance arrangements and other indemnities<\/em>. This resolution follows a separate <strong>A$4 billion<\/strong> settlement reached in May 2026 between <strong>IAG<\/strong> and the administrators of <strong>Greensill Bank<\/strong>.<\/p>\n<h2>Russian Oil Infrastructure Targeted in Massive Drone Wave<\/h2>\n<p>The <strong>Novoshakhtinsk oil refinery<\/strong>, one of the largest in southern Russia, was forced to halt production on Friday after a <strong>Ukrainian drone attack<\/strong> caused structural damage. Rostov Governor <strong>Yuriy Slyusar<\/strong> confirmed the suspension of work but reported no casualties. The strike was part of a wider overnight offensive involving approximately <strong>50 intercepted drones<\/strong> across multiple Russian regions.<\/p>\n<p>The attack on the <strong>Rostov<\/strong> facility coincided with reported strikes on a major refinery in the <strong>Perm region<\/strong> and a military-industrial plant in <strong>Ulyanovsk<\/strong>. <em>Market analysts suggest<\/em> that the continued targeting of Russian energy infrastructure could lead to localized fuel shortages and increased volatility in regional energy pricing.<\/p>\n<h2>Conflict Triggers Telecoms Blackout in Northern Ethiopia<\/h2>\n<p>Network monitoring service <strong>NetBlocks<\/strong> confirmed a &quot;subnational internet disruption&quot; in <strong>Northern Ethiopia<\/strong> on Friday, corresponding with reports of a total telecoms blackout in the <strong>Tigray region<\/strong>. The outage occurs as hostilities escalate between the Ethiopian federal government and Tigrayan forces, severely limiting the flow of information from the conflict zone.<\/p>\n<p>The disruption has left millions without reliable communication, <em>impeding humanitarian efforts and independent reporting<\/em> on the ground. This latest blackout follows a pattern of state-directed network shutdowns in the region, which have frequently accompanied major military escalations since the conflict began.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Credit Suisse reaches a confidential settlement with Insurance Australia Group (IAG) over a A$2.8 billion ($2 billion) lawsuit [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50383,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"rank_math_schema_Article":[],"rank_math_focus_keyword":[],"rank_math_description":[],"financial_data_references":[],"stock_symbols_mentioned":[],"footnotes":""},"categories":[5012],"tags":[5035,6068,7752,15865,21611,22729],"class_list":["post-72214","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-breaking-news","tag-cybersecurity","tag-russia-ukraine-war","tag-credit-suisse","tag-ethiopia","tag-insurance-australia-group-iag-stock-iag","tag-ubs-group-ubs-stock-ubs"],"_links":{"self":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/72214","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/comments?post=72214"}],"version-history":[{"count":0,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/72214\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/media\/50383"}],"wp:attachment":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/media?parent=72214"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/categories?post=72214"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/tags?post=72214"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}