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”
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
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