Sberbank PJSC is asking a Moscow court for €114.8 million in compensation after its Swiss commodity trading unit sold oil to Glencore but never received payment, according to documents published on the court website.
Still, Glencore — which has longstanding ties in Russia and whose former chief executive was awarded the Order of Friendship by Vladimir Putin in 2017 — has so far avoided the threat of expropriation. Sberbank was sanctioned by the US, European Union and some other regions and is barred from the SWIFT banking network, preventing payments to the lender from its former business partners. The bank first filed the claim in July and was initially seeking to have the shares frozen before the final decision on the case. The court rejected this plea at the end of August, the documents show.