Global commodities trader Glencore asked a Moscow court on Tuesday to stop hearings relating to a €117-million lawsuit by Russia’s largest lender, Sberbank, over unpaid oil supplies and move the deliberation to Singapore.
According to the database of Moscow Arbitration Court, Sberbank was seeking to recover debt and penalties from Glencore Energy UK Ltd over two agreements, worth roughly €58-million each.
One related to oil blend supplies to the border of Ukraine and Hungary in March, and the other to supplies to the border of Ukraine and Slovakia in the same month.
“We have a petition to leave the claim without consideration as the sides have… mandatory agreement to consider all the disputes in Singapore’s arbitration,” a Glencore legal representative told the court.