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Clifford Chance Moscow Successful for Sberbank on Appeal in Derivatives Case

Clifford Chance Moscow Successful for Sberbank on Appeal in Derivatives Case

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Clifford Chance is reporting that the Russian Appellate Court has found the firm's arguments for firm client Sberbank persuasive and overturned the judgment of the court of first instance in the case of Transneft vs Sberbank.

According to Clifford Chance, "having considered the dispute on the merits the Appellate Court has ruled in favor 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 miss-selling and claiming approximately USD 1.1 billion from Sberbank."

The firm describes the ruling as "a landmark decision with significant ramifications for the development of derivatives in Russia."

The Clifford Chance Moscow team was led by Partner Timur Aitkulov, supported by Tax Partner Alexander Anichkin and Senior Associates Dmitry Malyukevich and Mikhail Batsura.

Russian Knowledge Partner

Founded in 1993, Egorov Puginsky Afanasiev & Partners is the leading full-service law firm in the CIS with offices in Russia, Ukraine and Belarus and associated offices in the UK, the USA and Cyprus.

We advise its clients in many areas of law, including: dispute resolution in Russia and abroad, corporate law, M&A, antitrust issues, project finance and PPP, restructurings and insolvencies, energy and natural resources, property management and privatization, environment, technical regulation and industrial safety, banking and finance, intellectual property, criminal law, real estate and construction, taxation, family and labour disputes, marine and transport law, and international trade and customs.

We combine high academic qualifications, internationally acknowledged moral and ethical values, senior partners' professional experience and practical abilities with the vigour and knowledge of younger attorneys that enables thus providing clients with reliable, first-class service according to both Russian and western standards through a flexible structure.

All News about, and Legal Analysis by, Egorov Puginsky Afanasiev & Partners can be found here.

Firm's website: www.epam.ru


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