MOSCOW, April 15 The Moscow Arbitration Court, following a claim by Sberbank, recovered from four structures of the international trader Glencore about 114.8 million euros (more than 11.4 billion rubles at the current exchange rate) losses, reports a correspondent from the courtroom.
The court foreclosed on 0.57% of Rosneft shares owned by one of the defendants Glencore Group Funding Limited (UAE) or another company included in the Glencore group . The defendants are also the holding company Glencore PLC, the British Glencore UK Ltd, and the Swiss Glencore International AG.
The court rejected the plaintiff's only demand — that Glencore PLC be obliged to disclose information about its beneficial owners.
This dispute relates to an agreement under which the Swiss trader of Sberbank Sber Trading Swiss AG supplied oil to the British Glencore Energy UK Ltd, a third party in the process. The buyer did not pay for the oil due to the rules applied by Glencore to Russian sanctioned entities.
Sber Trading Swiss ceded the right to claim a debt of about 114.8 million euros to Sberbank. Since, according to the plaintiff, he was harmed by the joint actions of the companies of the Glencore group in the form of following anti-Russian sanctions, a claim for damages was brought against the parent structure of Glencore PLC, as well as against its subsidiaries that have property in Russia, which may be subject to recovery in case the claim is satisfied.
In February last year, the Moscow Arbitration Court, following a claim by Sberbank, recovered about 117 million euros under the same agreement on the purchase of future products dated October 22, 2020 for the supply of oil to the borders of Ukraine with Hungary and Slovakia from the main debtor – Glencore Energy UK Ltd. The decision was not appealed and came into force, but was not executed, since the bailiffs did not find any assets from the debtor.
Defendants Glencore PLC and Glencore Group Funding Limited said in court on Monday that the group companies cannot be held liable for the obligations of one of the group's legal entities and that Sberbank should have sought enforcement of the first decision. A representative of Glencore PLC noted that the value of the securities for which the plaintiff is asking to foreclose is three times the amount of the debt. However, he stated that the decision would not be enforced, since the shares were held in type «C» accounts.
Glencore is one of the world's largest traders of commodities, including energy resources, metals and agricultural products. The company's headquarters are located in Baar, Switzerland.