Rosneft Trade Limited, a subsidiary of Rosneft, has failed to repay its debt under a loan agreement. The Arbitration Court of Moscow considered the lawsuit filed by RN Holding against Rosneft Trade Limited for $141.1 million, or 13.7 billion rubles (case No. A40-3491/2023).
The plaintiff, a subsidiary company of Rosneft, claimed $132.3 million of the principal debt, $8.8 million of interest, as well as interest for the use of borrowed funds. The loan was supposed to be repaid by January 31, but the defendant failed to do so. The court ruled in favor of the plaintiff.
This is not the first dispute between Russian oil companies and their Cypriot partner. Previously, the court awarded Rosneft $893.6 million against Rosneft Trade Limited (case No. A40-3497/2023). In both cases, the Cypriot company did not send a representative to participate in the proceedings, despite being notified of the court hearings.
Since 2015, Rosneft Trade Limited has been under sanctions due to its affiliation with Rosneft. It has been reported that the company is unable to repay the loan amount due to sanction restrictions and the absence of revenue from oil sales.