Rusal has threatened to sue Germany for “unlawful expropriation” after the Russian aluminium giant was ordered to pay €213mn to liquidators of the European operations of Russia’s VTB bank.
At the centre of the dispute is an arrangement under which a Rusal subsidiary hedged its exposure to rouble currency fluctuations.
The world’s third biggest aluminium maker alleged that German regulators “substantially destroyed” the rouble hedging deal between the Rusal entity and VTB in the fallout over Russia’s invasion of Ukraine, in a letter to German Chancellor Olaf Scholz seen by the Financial Times.
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