The court recovered almost €115 million from raw material supplier Glencore following a claim by Sberbank – Kommersant
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The Moscow Arbitration Court upheld the claim of Sberbank (MOEX: SBER) to the companies of commodity trader Glencore for the recovery of €114.8 million in losses, Interfax writes with reference to the case materials. The lawsuit relates to Glencore’s refusal to pay for the supply of petroleum products due to sanctions against Sberbank.
The defendants in the lawsuit are Glencore PLC, Glencore-International AG, Glencore UK Ltd, Glencore Group Funding Limited. The court decided to recover damages from these companies by foreclosure on 10.55% shares of En+ Group, 0.57% shares of Rosneft, as well as 100% shares of MZK Export and 99.9% shares of the Rostov Bakery Plant. An agreement on the supply of petroleum products was concluded between Sber Trading Swiss AG and Glencore Energy UK.
Sberbank has already filed a claim against Glencore for damages. In October 2022, Sberbank filed a lawsuit against Glencore Energy UK Ltd due to a debt of €117.9 million under contracts for the supply of an oil mixture to the borders of Ukraine with Hungary and Slovakia in March 2022. In February 2023, the court granted this claim.
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