MOSCOW, Feb 27 (Reuters) - Sberbank, Russia’s biggest bank, has loaned oil pipeline monopoly Transneft over 100 billion roubles ($1.80 billion) under an out of court settlement, two banking sources familiar with the agreement told Reuters.
The settlement relates to a dispute last year over derivatives deals concluded in 2013 that resulted in losses for Transneft of around 67 billion roubles due to a sharp depreciation of the rouble.
The firms reached an out of court deal last year, but did not disclose the details.
One of the banking sources, who declined to be named because of the matter’s sensitivity, said the loan had been agreed at a rate slightly below the key rate at the time.
Since the loan was agreed, the central bank has cut the rate and the interest rate for Sberbank’s loan is slightly above the current key rate level of 7.5 percent, the same source said.
Sberbank and Transneft declined to comment. A Transneft executive said last month that the dispute had been resolved on “mutually beneficial terms”.
$1 = 55.6898 roubles Reporting by Tatiana Voronova and Vladimir Soldatkin Writing by Katya Golubkova Editing by Andrew Osborn