23 August 2017
Clifford Chance Moscow successfully represents Sberbank in landmark derivatives case
On 23 August 2017 the Appellate Court has considered the appeal brought by Sberbank against the judgment of the court of first instance in Re Transneft vs Sberbank (see our client briefing on the judgment of the court of first instance).
Sberbank legal team and Clifford Chance have jointly prepared the appeal and presented the case to the Appellate Court. Having considered the dispute on the merits the Appellate Court has ruled in favour of Sberbank and overturned the decision of the court of the first instance in full, thereby confirming the validity of the derivative trades contested by Transneft on the pretext of alleged misselling and claiming ca. US$1.1 billion from Sberbank.
The appellate court decree is a landmark decision with significant ramifications for the development of derivatives in Russia.
The Clifford Chance Moscow team was led by L&DR partner Timur Aitkulov, supported by tax partner Alexander Anichkin and L&DR senior associates Dmitry Malyukevich and Mikhail Batsura.
More details will follow once the Appellate Court publishes the full text of its decision.