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Russia's Sberbank sues Glencore for €117m over oil supplies

7th November 2022

By: Reuters

  

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MOSCOW - Russia's largest lender, Sberbank, is suing global commodities trader Glencore for around €117-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 over two agreements, worth roughly €58-million 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 February 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 December. 6.

Edited by Reuters

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