Transneft quits OTC market after settling $1bn swaps case

Russian market participants edgy after settlement leaves disclosure duties unclear

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

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 The

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