Russia's Largest Lender Charged Glencore for $116M Over Outstanding Oil Supplies

Author: Anusuya Lahiri | November 07, 2022 09:54am

Russia's largest lender, Sberbank Of Russia (OTC:AKSJF), prosecuted global commodities trader Glencore Plc (OTC: GLCNF) (OTC: GLNCY) for around €117 million ($116 million) over unpaid oil supplies, as per the database of Moscow's Arbitration Court.
The database showed that Sberbank sought to recover debt and penalties from Glencore Energy UK Ltd over two agreements worth roughly €58 million each, Reuters reports.
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.
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Hearings will likely start in Moscow on December 6.
Tesla Inc (NASDAQ: TSLA) discussed acquiring a stake in the Swiss commodities group with Glencore.
The discussion reflected how global carmakers sought to build ties with the mining industry to secure materials needed for the rollout of electric vehicles.
Tesla was concerned if Glencore's extensive coal mining business was compatible with the carmaker's environmental goals and was reluctant to take a minority equity stake.