UAE Trader Blames Sanctions For Unpaid €47M Oil Debt

By Joel Poultney (June 16, 2022, 12:54 PM BST) -- A UAE-based trader has insisted that sanctions imposed on Russia after its invasion of Ukraine prevented it from paying €47.4 million ($49.3 million) still owed under a deal for crude oil with Lukoil's Swiss trading arm, arguing payment of the debt would now be unlawful.

Abu Dhabi-based Der Mond Oil and Gas Africa SA defended missing payments to Litasco SA for nearly one million barrels of crude oil sold for €65.2 million in a filing with the High Court on Friday.

The trader said that various banks would not process the outstanding payments to Litasco — a subsidiary of Russia's second-largest...

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