Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Russian court orders Glencore to pay shares worth 114.8 million euros in Sberbank lawsuit

Published 15/04/2024, 16:32
Updated 15/04/2024, 16:36
© Reuters. A view from the office of Sberbank, Russia's state-owned dominant lender and one of the country's leading technology players, shows skyscrapers of the Moscow International Business Centre, also known as "Moskva-City", in Moscow, Russia, March 28, 2023. RE

MOSCOW (Reuters) - A Russian arbitration court ruled on Monday that four units of Swiss commodities trader Glencore (LON:GLEN) will pay more than 11.4 billion roubles, or some 114.8 million euros, worth of shares in a lawsuit filed by Sberbank, according to the court.

The payments include 0.57% of shares of Russia's largest oil producer Rosneft and 10.55% of EN+ Group MKPAO, owned by Glencore Group Funding Limited.

It is a second lawsuit Sberbank has filed in Russia against Glencore over unpaid fuel supplies. Last year, the court ordered a subsidiary of Glencore to pay about 118 million euros ($125 million) to Sberbank.

Glencore and Sberbank were immediately available for comment.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.