VTB Wins €225M Freezing Order Against Oil Refinery

Law360, London (January 31, 2020, 6:56 PM GMT) -- A VTB Bank commodities unit has secured the continuation of a €225 million ($249 million) worldwide freezing order against an oil refinery that it claims was selling oil products contractually promised to the Russian bank subsidiary to rival companies.

Judge Stephen Phillips has upheld the freezing order against Antipinsky Refinery, which owns and operates the largest independent oil refinery in Russia, concluding that the injunction on its assets should remain in place until the conclusion of arbitration proceedings with VTB Commodities.

The dispute stems from three contracts that VTB, a subsidiary of VTB Bank, inked in 2018 and 2019 to buy...

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