Clifford Chance

Transneft versus Sberbank: Court of Appeal gives the nod to derivatives (English)

5 September 2017

On 30 August 2017, the Ninth Arbitrazh Appellate Court (the "Appellate Court") published the full text of its decree in the case brought by PJSC Transneft ("Transneft") against PJSC Sberbank ("Sberbank") (No. A40-3903/17), in which it dismissed Transneft's claim for invalidation of FX barrier options (the "Decree"). The Decree is a landmark decision for the financial market, as it confirms something that until recently was in doubt: transactions with financial derivatives are subject to judicial protection in Russia. In the appellate proceedings Sberbank was represented by its legal team in conjunction with Clifford Chance.

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