Transneft and Sberbank decided to conclude an amicable agreement

The court postponed the consideration of the claim for 67 billion rubles to settle the dispute.
The Arbitration Court of the Moscow District postponed consideration of the cassation appeal of Transneft to the refusal of a lawsuit against Sberbank of 67 billion rubles., The correspondent of Interfax reported from the court. Such a decision was made in connection with the preparation of a settlement of the dispute by the world. The dispute was adjourned on January 9, 2018.

"Sberbank and Transneft are negotiating to end the dispute. It takes three weeks to complete the negotiations, "the representative of the bank said. "Vedomosti" expect the comments of Transneft.

In January 2017, Transneft filed a lawsuit against Sberbank of 67 billion rubles, demanding that the transaction with derivative financial instruments be invalidated. In June, the Moscow Arbitration Court granted the claim. The bank filed a complaint, and in August the appellate court denied Transneft a lawsuit. The company appealed the decision to the cassation instance.

The agreement on interest rate swap Transneft concluded with Sberbank in September-October 2014. Hedging deals were concluded to minimize currency risks arising from foreign exchange debt, as well as temporarily free cash denominated in foreign currency. The execution of the contract came when the ruble rate overcame 45 rubles. for the dollar. Then this barrier was changed to 50.35 rubles. By the end of 2014, the dollar to the ruble exchange rate reached 56.65 rubles. At the end of the year, Transneft received 75.3 billion rubles. loss.

Transneft claimed that Sberbank did not warn about all risks at the conclusion of the transaction, despite the fact that the monopoly is not a professional participant in this market. According to Transneft, the bank offered the company a product that was not suitable for it. Transneft is a qualified investor with all the ensuing consequences, Sella Balka Deputy Chairman of the Board of Bella Zlatkis said in court: "Moreover, if one of us today buys securities worth $ 100,000, tomorrow becomes a qualified investor, because the circumstances under which it's decided - it's the size and significance of the business that goes on. "

In August, on the eve of the trial at the Appeal Court, Interfax reported that Sberbank had sent a formal proposal to Transneft to conclude a settlement agreement. In the agreement, the bank offered Transneft to waive claims in exchange for preferential terms for the products and services of the bank. Zlatkis said then that this is only a copy, and the document was sent on July 4 and now the parties do not discuss the amicable agreement.

The conclusion of a settlement agreement would be useful for their future cooperation, Deputy Prime Minister Arkady Dvorkovich noted in August. "This is a question of the will of the two sides, but it seems to me that [world] would be correct," he says. "I mean, from the point of view of future partnership, and not from the point of view of settlement."