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Sberbank urges Glencore to settle its debt

Sberbank, a Russian bank, accuses Glencore Energy UK of not paying the bill for oil supplied through it.

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Sberbank, a Russian bank, accuses Glencore Energy UK of not paying the bill for oil supplied through it.

A banking dispute with Sberbank

Sberbank wants to collect the debt payment from Glencore Energy UK. The Anglo-Swiss company clears its name by declaring that it respects Western sanctions. The Russian bank argues that there are other ways to pay without violating the sanctions.

Sberbank filed a lawsuit to collect debts and penalties. The dispute, which dates back to March 2022, amounts to approximately €116 million for the two deliveries. The Russian bank regrets that Glencore Energy UK refuses any communication with it.

Towards a legal solution

The Anglo-Swiss company is requesting the transfer of the litigation to the court in Singapore. The company states that it does not want to engage in any new business activities involving products of Russian origin. However, it would obey the injunctions of its government authorities.

Glencore Energy UK adds that the company would honor all its legal obligations under existing contracts. On the other hand, it would respect all applicable sanctions against Russia. In addition, Sberbank is forced to close its office in the United Arab Emirates in early 2023.

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