Russian court orders Glencore unit to pay up in Sberbank row
Credit: Glencore Plc.
A Russian arbitration court said it has ordered a subsidiary of Swiss commodities trader Glencore to pay about 118 million euros ($125 million) to Russian state lender Sberbank amid a row over unpaid oil supplies.
Sberbank took legal action against Glencore Energy UK Ltd last year after it alleged the company did not pay for two oil consignments supplied by a subsidiary of Sberbank in March due to sanctions.
Glencore declined to comment on the court’s ruling, which was issued on Feb. 21 but made public on Thursday. Sberbank was not immediately available to comment.
($1 = 0.9433 euros)
(Editing by Alison Williams)
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