UniCredit hit by ‘dangerous’ ruling in Russian swap dispute

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A Russian court decision that allowed a UniCredit client to walk away from an interest rate swap without paying termination costs has stunned derivatives lawyers, left the bank with a loss and is now raising fresh questions about whether netting will work in the country. After two years of work, a legal opinion on netting is said to be close to publication.

The Moscow District Federal Arbitration Court found on January 30 that Agroterminal – a mid-cap Russian corporate – was allowed to terminate

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