Swiss Lukoil Unit Sues UAE Trader For €47M Crude Oil Debt

By Joel Poultney (May 12, 2022, 6:07 PM BST) -- Lukoil's Swiss arm has sued a UAE-based trader to get €47.4 million ($49 million) after it allegedly reneged on a deal for crude oil, arguing that recent Western sanctions against Russia over its invasion of Ukraine did not justify defaulting on the repayments.

Litasco SA, a subsidiary of Russian oil giant Lukoil, said in an April 29 High Court claim, which has now been made public, that it is owed the money after selling nearly one million barrels of crude oil to Abu Dhabi-based Der Mond Oil and Gas Africa SA for €65.2 million.

Russia's second-largest oil company is not currently sanctioned...

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