![]() ![]() NST is obligated to vindicate its rights and restore its reputation and relationships in the energy trading community, including its valued offtaker clients, who have also been harmed due to the acts and omissions of ANPZ and Sberbank giving rise to NST’s claims. NST regrets this turn of events, especially since it previously collaborated closely with ANPZ, one of Russia’s largest and most modern refineries, in promoting and selling ANPZ’s products outside Russia. NST commenced formal legal proceedings given the considerable damage caused to NST by the respondent parties’ actions, including among other things ANPZ’s default on product deliveries despite having received very substantial prepayments for products, and Sberbank’s conduct as main lender to the refinery, much of which is publicly known. NST’s claim is estimated at several hundreds of millions of dollars. On 10 September 2019, New Stream Trading AG (NST) filed a request for arbitration against the Antipinsky Oil Refinery (ANPZ) as well as Sberbank of Russia, Sberbank (Switzerland) and related parties at the LCIA in London. New Stream Trading files for arbitration against ANPZ, Sberbank and related parties Newstream enterprises vada full#The Swiss claim has been filed in the context of the on-going pursuit and protection of NST’s rights following Antipinsky Oil Refinery’s default on its product deliveries under prepaid contracts with NST being under full control of Sberbank as from the end of 2018. To that end, on NST has filed a claim against Sberbank of Russia and Sberbank (Switzerland) AG in the cantonal court of the canton of Zug, Switzerland. NST is now undertaking before the Swiss debt enforcement authorities and courts the legal actions necessary to obtain compensation and further honour its commitments towards its business partners, who have been damaged by ANPZ’s bankruptcy. The award by the eminent LCIA Tribunal proves that New Stream Trading has always been a law-abiding and reliable company. The award has not been challenged and is therefore final. The Tribunal has also ordered Sberbank to reimburse 85% of NST’s legal fees. The discharged loans amounted to more than 50 million US dollars. The discharged or set aside guarantees amounted to more than one billion US dollars. The Tribunal has set aside or discharged all of NST’s liabilities vis-à-vis Sberbank of Russia and Sberbank (Switzerland) AG, whether those arise under guarantees or loans. The Tribunal also ruled that Sberbank of Russia’s affiliates Sberbank (Switzerland) AG and SBK breached the FA. Notably, the Tribunal ruled that Sberbank “had full control of the management of ANPZ from mid-November 2018” and that several intentional actions of Sberbank were “clear cases of Sberbank of Russia procuring the breaches by ANPZ of existing contracts” respectively “involved the breaking, threatening to break or procuring the breach by ANPZ of its contracts with Offtakers”.Īs a result, the Tribunal concluded that Sberbank of Russia drove ANPZ into bankruptcy causing also the destruction of the Claimant‘s business and in so doing, prevented ANPZ and NST from fulfilling their contractual obligations under the Facility Agreement between Sberbank, ANPZ and NST (FA). The Tribunal dismissed the efforts by Sberbank to accuse New Stream Trading AG (NST) or Russia-based entities of Novy Potok of causing the refinery’s bankruptcy. ![]() In its a 754-page decision, the Tribunal found that Sberbank caused the bankruptcy of Antipinskiy Oil Refinery (ANPZ) by deliberate and coordinated actions. On 4 April 2022, a senior Tribunal constituted under the arbitration rules of the London Court of International Arbitration (LCIA) rendered its final award on the proceedings initiated by New Stream Trading on 10th September 2019 against Sberbank of Russia, Sberbank (Switzerland) AG and their related parties (Sberbank). ![]() Conclusion of the London-seated LCIA arbitration initiated against Sberbank of Russia, Sberbank (Switzerland) AG and their related parties – further legal actions of New Stream Trading AG ![]()
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