SUBSCRIBE
PROFILE

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.

Share:

Comprehensive energy news coverage, updated nonstop

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access • Archives included • Professional invoice

SUBSCRIBE - 99$/year

OTHER ACCESS OPTIONS

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

FREE ACCOUNT

3 articles offered per month

FREE

*Prices are excluding VAT, which may vary depending on your location or professional status

Since 2021: 35,000 articles • 150+ analyses per week

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.

  • Popular on energynews.pro
Ecopetrol targets 88.2 MWp with acquisition of seven solar projects in Colombia
Argentina signs 8-year LNG export deal with Germany
Japan set to vote on partial restart of Kashiwazaki-Kariwa nuclear plant
Iran seizes Eswatini-flagged vessel for fuel smuggling
BW Ideol takes 15% stake in Méditerranée Grand Large floating wind project
La Serbie anticipe un choc économique après la mise à l’arrêt de sa raffinerie
L’arrêt de la raffinerie de Pancevo, frappée par des sanctions américaines contre ses actionnaires russes, menace les recettes fiscales, l’emploi et la stabilité énergétique de la Serbie.
Oil prices rise amid military escalation and diplomatic deadlock
Oil prices climbed, driven by Ukrainian strikes on Russian infrastructure and the lack of diplomatic progress between Moscow and Washington over the Ukraine conflict.
Chevron sets 2026 investment budget between $18 and $19 billion
Chevron has announced a capital expenditure range of $18 to $19 billion for 2026, focusing on upstream operations in the United States and high-potential international offshore projects.
ExxonMobil shuts down steam cracker in Singapore and redirects assets to China
ExxonMobil is shutting down its oldest ethylene steam cracker in Singapore, reducing local capacity to invest in its integrated Huizhou complex in China, amid regional overcapacity and rising operational costs.
South America strengthens its role in global oil supply through 2030
Brazil, Guyana, Suriname and Argentina are expected to provide a growing share of non-OPEC+ oil supply, backed by massive offshore investments and continued exploration momentum.
Venezuelan crude exports to Europe drop by 75% in 2025
The revocation of US licences limits European companies’ operations in Venezuela, triggering a collapse in crude oil imports and a reconfiguration of bilateral energy flows.
Bourbon secures five-year contract with ExxonMobil for Angola’s Block 15
Bourbon has signed an agreement with ExxonMobil for the charter of next-generation Crewboats on Angola’s Block 15, strengthening a strategic cooperation that began over 15 years ago.
Shadow fleet renews tankers to bypass sanctions and operational risks
Faced with tighter legal frameworks and reinforced sanctions, grey fleet operators are turning to 15-year-old VLCCs and scrapping older vessels to secure oil routes to Asia.
ReconAfrica identifies 64 metres of recoverable oil at Kavango West 1X well in Namibia
Reconnaissance Energy Africa completed drilling at the Kavango West 1X onshore well in Namibia, where 64 metres of net hydrocarbon pay were detected in the Otavi carbonate section.
CNOOC launches production at Weizhou 11-4 oilfield in South China Sea
CNOOC Limited has started production at the Weizhou 11-4 oilfield adjustment project and its satellite fields, targeting 16,900 barrels per day by 2026.
Shell and Equinor finalise the creation of Adura, largest independent North Sea producer
The Adura joint venture merges Shell and Equinor’s UK offshore assets, becoming the leading independent oil and gas producer in the mature North Sea basin.
Citgo shifts under Elliott control for $5.9bn pending U.S. approval
A Delaware court approved the sale of PDV Holding shares to Elliott’s Amber Energy for $5.9bn, a deal still awaiting a U.S. Treasury licence through OFAC.
Nigeria releases $100mn to accelerate local integration in the oil sector
A new $100mn fund has been launched to support Nigerian oil and gas service companies, as part of a national target to reach 70% local content by 2027.
Sanctions against Rosneft and Lukoil redirect oil flows toward Asia
Western measures targeting Rosneft and Lukoil deeply reorganise oil trade, triggering a discreet yet massive shift of Russian export routes to Asia without causing global supply disruption.
Nigeria auctions 50 oil blocks in its 2025 licensing round
The Nigerian Upstream Petroleum Regulatory Commission opens bidding for 50 exploration blocks across strategic zones to revitalise upstream investment.
Nigeria auctions 50 oil blocks in its 2025 licensing round
La Nigerian Upstream Petroleum Regulatory Commission ouvre la compétition pour 50 blocs d’exploration, répartis sur plusieurs zones stratégiques, afin de relancer les investissements dans l’amont pétrolier.
Serbia forced to shut down its only refinery after US sanctions
Serbia's only refinery, operated by NIS, has suspended production due to a shortage of crude oil, a direct consequence of US sanctions imposed on its majority Russian shareholder.
Oil prices rise amid tensions between Washington and Caracas
Crude prices increased, driven by rising tensions between the United States and Venezuela and drone attacks targeting Russian oil infrastructure in the Black Sea.
Tullow Oil cuts board size and seeks to refinance $1.8 bn debt
Amid persistent financial losses, Tullow Oil restructures its governance and accelerates efforts to reduce over $1.8 billion in debt while refocusing operations on Ghana.
Baghdad invites US companies to replace Lukoil on West Qurna 2
The Iraqi government is inviting US oil companies to bid for control of the giant West Qurna 2 field, previously operated by Russian group Lukoil, now under US sanctions.

All the latest energy news, all the time

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access - Archives included - Pro invoice

START - 99$/year

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

*Prices shown are exclusive of VAT, which may vary according to your location or professional status.

Since 2021: 30,000 articles - +150 analyses/week.