off-the-wire

Russian court orders Glencore unit to pay up in Sberbank row

Kitco Media
By Reuters
Published:
Updated:
Reuters



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This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine


MOSCOW, Feb 23 (Reuters) - 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) (Reporting by Reuters; Editing by Alison Williams)

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