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.
