MOSCOW -Russia’s largest lender, Sberbank, is suing international commodities dealer Glencore for round 117 million euros ($116 million) over unpaid oil provides, the financial institution stated on Monday and court docket information from the database of Moscow’s Arbitration Court docket confirmed.
The court docket’s database confirmed Sberbank was looking for to recuperate debt and penalties from Glencore Power UK Ltd over two agreements, price roughly 58 million euros every.
One associated to grease mix provides to the border of Ukraine and Hungary in March, and the opposite to provides to the border of Ukraine and Slovakia in the identical month.
In an emailed assertion to Reuters, Sberbank confirmed it had filed the lawsuit towards Glencore.
“This can be a compelled measure, because the financial institution’s repeated makes an attempt to settle the matter out of court docket have been unsuccessful,” the financial institution’s press service stated.
Glencore declined to remark.
The database gave no additional particulars on the agreements or the lawsuit.
Russia despatched its troops into Ukraine on Feb. 24 for what it calls a “particular army operation”. It’s not clear if that affected these offers.
Hearings are scheduled to begin in Moscow on Dec. 6.
($1 = 1.0073 euros)
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