Russian central bank slams ruling in $1bn Sberbank swaps case

Lawyers say shock court judgement in ruble options dispute “puts hundreds of contracts at risk”

russia-ruble-note
Options contracts resulted in huge losses for state-owned Transneft after the ruble plunged against the dollar in 2014

The Central Bank of Russia fears the local derivatives market could be seriously damaged by a shock court judgement ordering Sberbank to pay 67 billion rubles ($1.12 billion) compensation to state-owned transport company Transneft for losses incurred on trades during the 2014 ruble devaluation.

“The emerging judicial practice creates unacceptable legal risks for over-the-counter transactions concluded between Russian banks and Russian non-financial organisations,” a spokesperson for the central

To continue reading...