SBERBANK WANTS TO RECOVER 114.7 MILLION EUROS OF NON-PAYMENT FROM GLENCORE GROUP

Sberbank filed a claim with the Moscow Arbitration Court against the Glencore Group due to its refusal to pay for the supply of petroleum products. Sberbank intends to claim a total of 114.7 million euros jointly and severally through foreclosure on the assets of the Defendants in Russian companies, in particular: 0.57% of the shares of PJSC NK Rosneft, 10.55% of the shares of MKPAO EN+ Group, 100% of the shares of LLC MZK Export and 99.9% of LLC Rostov Combine of bread Products.

In support of its position, Sberbank cited the fact that the bank's subsidiary Sber Trading Swiss AG has concluded an agreement with Glencore Energy UK. At the same time, she fulfilled her obligations, which cannot be said about the Glencore subsidiary. Sberbank's "daughter" transferred the right of claim under this agreement.

The reason for non-fulfillment of obligations under the agreement was the sanctions policy of the West against the Russian conglomerate, Interfax reports.

During the trial, Sberbank offered to seize 0.57% of Rosneft's shares and 0.34% of Rosneft's shares, respectively, but the court refused to satisfy the bank's claims.