Transneft quits OTC market after settling $1bn swaps case

Moscow snow — Frozen out? Transneft claims to have stopped using derivatives

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Russian oil transportation monopoly Transneft will not enter into new derivatives transactions for the foreseeable future, just weeks after agreeing a settlement with state-owned Sberbank on a billion-dollar claim arising from disputed foreign exchange options transactions.

The move is a response to what the company claims is a lack of clarity on derivatives sales and disclosure practices.

“We’re abandoning all work with derivatives,” a spokesperson for Transneft tells Risk.net. The

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