Sberbank appeal win will help Russian swaps market – lawyers

Moscow court’s ruling in $1.1bn dispute sends “very positive signal”, but fears of similar cases remain

The Central Bank of Russia warned the original verdict would do serious harm to the local swaps market

Derivatives lawyers have welcomed a decision by an appeals court in Moscow to overturn a first-instance verdict favouring Russia’s largest oil-pipeline company Transneft in a billion-dollar derivatives dispute with Sberbank. But legal risk remains a concern in the local market, with Russia’s central bank now asking systemically important lenders to provide details of derivatives trades.

“We consider the decision of the appellate court to be very positive for the market,” says Alexander Anichkin