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”

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...

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: