Work Area: Sanctions
Will US face treaty claims over oligarch measures?
US President Joe Biden’s proposals to make it easier to sell off assets of Russian oligarchs in response to the war in Ukraine could lead to investment arbitrations against the United States, but practitioners are doubtful that such claims would succeed.
29 April 2022
Iraq fails to revive claim over Saddam-era helicopter deal
A French court has rejected Iraq’s bid to revive a €62 million ICC claim over a contract for the supply of combat helicopters that was disrupted by an arms embargo against the former regime of Saddam Hussein.
22 April 2022
LCIA award doesn’t bind Russian defendants in bank fraud suit
The family of a Russian property tycoon being sued for US$800 million over an alleged banking fraud are not bound by findings of dishonesty in an LCIA award against companies said to be under their control, a UK judge has ruled.
12 April 2022
Nord Stream 2 case stopped in its tracks by sanctions
The tribunal hearing a Gazprom subsidiary’s US$8 billion Energy Charter Treaty claim against the European Union has agreed to suspend the case after the Russian state-owned company said it was unable to proceed due to sanctions.
04 April 2022
Spanish agricultural group wins big against Venezuela
A divided ICSID tribunal has ordered Venezuela to pay nearly US$3 billion including interest for expropriating the assets of a Spanish agricultural group, after US sanctions forced a law firm representing the state to withdraw.
25 March 2022
“Even pariahs have rights”: law firm can't drop sanctioned Russian client
A judge in the British Virgin Islands has refused to allow Ogier to cease acting for a Russian state-owned bank in a pending litigation despite the offshore firm’s concerns about reputational damage and the impact of sanctions.
25 March 2022
Nord Stream 2: sanctions against Russia and the potential for arbitration
Tomas Vail of Vail Dispute Resolution considers the potential investor-state arbitrations that may arise from the wave of sanctions imposed on Russia as well as its effects on commercial arbitrations.
23 March 2022
UK settles debt with Iran as prisoners released
The UK government has paid a nearly £400 million arbitral debt to Iran as two British nationals are allowed to return home after years of detention in Tehran.
16 March 2022
Polish utility beats Gazprom set-aside bid
UPDATED: Gazprom has lost its Swedish court challenge to a gas price review award said to be worth US$1.5 billion in favour of Polish state utility PGNiG, as Orrick confirms it has ceased to act as counsel to the Russian state-owned company.
10 March 2022
Security contractor chases Guinea over ICC awards
An Israeli-owned contractor has asked a US court to enforce awards worth over €50 million issued in two ICC arbitrations against Guinea over the provision of security services and equipment.
01 February 2022