Sberbank-Glencore Row: If the British oil company did not pay, then the Russian bank took this step, knowing the whole matter

Posted on 7th Nov 2022 03:02 pm by rohit kumar

Russia's largest lender Sberbank has decided to sue global commodities trader Glencore for non-payment of about 117 million euros ($116 million) in oil supplies. The database of the Arbitration Court of Moscow confirmed this on Monday.

 

The database shows that Sberbank was seeking recovery of loans and penalties from UK-based Glencore Energy UK Ltd under two agreements. Both cost around 58-36 million euros.

 

 

One of these deals pertains to the supply of the oil mixture at the border of Ukraine and Hungary in March, and the other pertains to the supply on the border of Ukraine and Slovakia in the same month.

 

The database did not provide any further details on the agreements or the lawsuit. Sberbank has not yet responded to a request for comment on this news. There has also been no comment from Glencore in this matter so far.

 

Let us tell you that on February 24, Russia sent its army to Ukraine in what it calls a "special military operation". It is not clear whether the reason for the Glencore trial is the ongoing tension between Russia and Ukraine. The hearing, in this case, is scheduled to begin in Moscow on December 6.

 

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