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Swiss Trader Says Russia’s Sberbank Caused Refinery Bankruptcy

  • New Stream Trading started proceedings against lender in 2019
  • Sberbank says bankruptcy falls under Russian court system
Sberbank headquarters in Moscow.

Sberbank headquarters in Moscow.

Photographer: Andrey Rudakov/Bloomberg

Sanctioned Russian lender Sberbank PJSC caused the bankruptcy of the Antipinsky Oil Refinery in Western Siberia, according to Swiss trader New Stream Trading AG.  

Sberbank “had full control of the management of Antipinsky” from mid-November 2018 and took steps leading to it “procuring the breaches” of the refinery’s existing contracts, NST said, quoting from a ruling by a tribunal constituted under the London Court of International Arbitration.