Sberbank demanded to recover 117 million euros from the British Glencore in a dispute over oil supplies (November 7, 2022)

The Moscow Arbitration Court accepted for consideration the claim of Sberbank against the British company Glencore Energy UK Ltd, from which the bank asks to recover about 117 million euros.

The Russian Agency for Legal and Judicial Information (RAPSI) drew attention to the case card in the database of documents of arbitration courts.

The lawsuit was filed on October 31, the total amount of claims is more than 7.08 billion rubles.

The court ruling clarifies that we are talking about the recovery of a debt of 57.1 million euros under contracts for the supply of an oil mixture to the border of Ukraine and Hungary, as well as 57.6 million euros under an agreement for the supply to the border of Ukraine and Slovakia in March 2022. In addition, Sberbank demands to pay a penalty totaling more than 2.2 million euros.

The court scheduled preliminary hearings on the dispute for December 6.

Glencore Energy UK Ltd is a subsidiary of Glencore, a Swiss trading company founded in 1974 and one of the world’s largest suppliers of commodities and rare earths.

It is noted that recently a court in London fined the British structure Glencore 276 million pounds (311 million dollars) after pleading guilty to corruption offenses related to oil operations in Africa. The investigation was conducted by the UK Serious Fraud Office (SFO). Following the investigation, the SFO reported that the defendant, through its employees and agents, paid over $28 million in bribes for various preferences, including, among other things, preferential delivery times and increased cargo volume between 2011 and 2016. The company was fined about half of its weekly profit of $320 million.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button