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HomeMarketRussia's Sberbank sues Glencore for $116 million over oil supplies By Reuters

Russia’s Sberbank sues Glencore for $116 million over oil supplies By Reuters

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© Reuters. FILE PHOTO: The logo of Russia’s largest lender Sberbank in Moscow, Russia, December 24, 2020. REUTERS/Maxim Shemetov

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MOSCOW (Reuters) – Russia’s largest lender, Sberbank, is suing global commodities trader Glencore (OTC:) 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)

Story Credit: investing.com

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