Work Area: Sanctions

Sanctioned Russian company wins Vietnamese power plant dispute

UPDATED. A sanctioned Russian engineering company has won more than US$500 million in a SIAC arbitration with Vietnam’s national oil and gas company, after defeating a much larger counterclaim.

12 February 2024

Belgium risks treaty claims over Russian asset freezes

UPDATED: Belgium says it has been threatened with treaty claims over the billions of dollars in Russian assets that have been frozen in the country since Russia’s invasion of Ukraine.

18 January 2024

Ukraine hit with billion-dollar claim over bank takeover

A Luxembourg company linked to Russian-Israeli billionaire Mikhail Fridman has made good on its threat to file an investment treaty claim against Ukraine – seeking over US$1 billion for the “illegal expropriation” of one of the country’s biggest banks.

04 January 2024

US appeals court enforces ICSID award against Venezuela

A US appeals court has upheld the enforcement of two tortilla flour producers’ US$626 million award against Venezuela, finding that it could not second guess an ICSID annulment committee’s refusal to recognise counsel designated by the country’s government-in-exile.

14 December 2023

Indian state utility pursues former Gazprom unit

India’s state-owned gas company GAIL has filed a US$1.8 billion LCIA claim against a former Gazprom unit for failing to supply contracted cargoes of LNG.

04 December 2023

Top Uzbek court says sanctions don’t bar payment of Russian award

The Supreme Court of Uzbekistan has enforced a Russian Arbitration Centre award, dismissing arguments by an Uzbek state-owned entity that payment contravened public policy because of US sanctions against the Russian creditor’s bank.

23 November 2023

Belarusian state entity files treaty claim against Lithuania

A Belarusian state-owned entity has launched an investment treaty claim against Lithuania over the termination of a contract for the transportation of fertilisers in the wake of international sanctions.

15 November 2023

Sanctioned billionaire’s companies hit with anti-suit injunction

The Commercial Court in London has restrained companies owned by a sanctioned Russian billionaire from bringing litigation in Russia against a Cypriot investment services company in defiance of an LCIA arbitration clause.

13 November 2023

Russian court restrains HKIAC claim against state-owned bank

A St Petersburg court has restrained a subsidiary of Russia’s VTB Bank from bringing an HKIAC arbitration against the state-controlled lender – which is pursuing litigation to recover €112 million in alleged debts.

08 November 2023

ICC panel clears Derains of corruption in Congo case

An ICC tribunal has rejected allegations that a €1.7 billion award against the Republic of the Congo was obtained by bribing French arbitrator Yves Derains – finding the state’s claims were baseless, time-barred and an opportunistic attempt to delay enforcement proceedings.

07 November 2023

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