Clifford Chance

Transneft vs. Sberbank: judgment on a landmark derivatives case in Russia is published

27 June 2017

On 21 June 2017, the Arbitrazh Court of Moscow, as a court of first instance, published the full text of its decision of 8 June 2017 in the Transneft vs Sberbank case (No. A40-3903/17-55-23), in which it upheld Transneft's claim to render invalid certain FX options. While we believe that the court has reached the wrong conclusion and expect Sberbank to bring an appeal in due course, herein we summarise the key aspects of the Decision. Please note that this summary is based on the wording of the Decision without any assessment of the evidence presented by the parties during the court hearings.

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