Sberbank says doubts over courts hamper netting in Russia

Unpredictable decisions undermining faith in close-out netting opinion, says Russian bank

Sberbank office
Sberbank was ordered to pay compensation to Transneft for losses on two options contracts

Russia’s two-year-old close-out netting opinion has had a limited impact on derivatives trading in the country due to doubts over how local courts will interpret the law, according to Sberbank.

A landmark court decision is due today (August 23) on the latest in a string of lawsuits that have rocked Russia’s derivatives market in recent years. The Ninth Arbitration Court of Appeal will rule on Sberbank’s appeal against its defeat in a legal tussle with oil-transporting company Transneft. In a

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