Russia's Sberbank sues Glencore for $116 million over oil supplies

November 08, 2022 05:12 AM AEDT | By Reuters
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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 bank said on Monday and court records from the database of Moscow's Arbitration Court showed.

The court's 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.

In an emailed statement to Reuters, Sberbank confirmed it had filed the lawsuit against Glencore.

"This is a forced measure, since the bank's repeated attempts to settle the matter out of court have been unsuccessful," the bank's press service said.

Glencore declined to comment.

The database gave no further details on the agreements or the lawsuit.

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; Additional reporting by Dmitry Zhdannikov in London. Writing by Vladimir SoldatkinEditing by Mark Potter and David Evans)


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