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Russia’s Sberbank sues Glencore for $116 million over oil supplies
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MOSCOW (Reuters) – Russia’s largest lender, Sberbank, is suing global commodities trader Glencore for around 117 million euros ($116 million) over unpaid oil supplies, the database of Moscow’s Arbitration Court showed on Monday.
MOSCOW (Reuters) – Russia’s largest lender, Sberbank, is suing global commodities trader Glencore for around 117 million euros ($116 million) over unpaid oil supplies, the database of Moscow’s Arbitration Court showed on Monday.
The database showed Sberbank was seeking to recover debt and penalties from Glencore Energy UK Ltd over two agreements, worth roughly 58 million euros each.
One related to oil blend supplies to the border of Ukraine and Hungary in March, and the other to supplies to the border of Ukraine and Slovakia in the same month.
The database gave no further details on the agreements or the lawsuit. Sberbank did not immediately respond to a request for comment. Glencore was not immediately available for comment.
Russia sent its troops into Ukraine on Feb. 24 for what it calls a “special military operation”. It’s not clear if that affected these deals.
Hearings are scheduled to start in Moscow on Dec. 6.
($1 = 1.0073 euros)
(Reporting by Oksana Kobzeva Writing by Vladimir Soldatkin; Editing by Mark Potter)
Sberbank is Russia's largest bank, providing a range of financial services including retail and corporate banking.
Glencore is a global commodities trading and mining company, involved in the production and marketing of various natural resources.
Unpaid oil supplies refer to shipments of oil that have been delivered but not paid for, leading to financial disputes.
Penalties are financial charges imposed for failing to meet the terms of a contract or agreement.
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