Work Area: Enforcement and set-aside
Bahrain fails to overturn Iranian banks’ award
A Dutch court has upheld an investment treaty award ordering Bahrain to pay €214 million to two Iranian state-owned banks for the “politically motivated” expropriation of their local banking venture in the wake of the 2015 Iran nuclear deal.
23 April 2025
Korea drops challenge to hedge fund's award
South Korea has said it will not pursue a further appeal over a US$43 million investment treaty award in favour of US hedge fund Mason Capital after a Singapore court rejected its annulment bid earlier this year.
22 April 2025
UK court rules India’s immunity not precluded by New York Convention
The Commercial Court in London has ruled that India’s ratification of the New York Convention is not in itself a waiver of sovereign immunity from the jurisdiction of the English courts in an action to enforce a US$194 million investment treaty award.
22 April 2025
Russia fails to stop enforcement of Crimea award
A US court has refused to dismiss a bid by Ukraine’s largest private energy company to enforce a US$267 million treaty award against Russia over the expropriation of its Crimean assets.
22 April 2025
Chilean state entity seeks enforcement in Spain
A Spanish contractor is facing a bid to enforce an ICC award issued in a US$158 million arbitration over a Chilean refinery upgrade – as it settles a dispute with an Algerian state entity over a power plant project.
22 April 2025
Naftogaz targets Russian assets in France
Ukraine’s Naftogaz says it has taken a “first step” towards seizing Russian state-owned assets in France to satisfy a US$5 billion investment treaty award – while in a separate dispute it is hit with a billion-dollar penalty by a Russian court over its failure to halt an ICC arbitration.
17 April 2025
Nigerian LNG producer loses appeal over indemnity order
The Court of Appeal in London has upheld an UNCITRAL award requiring a Nigerian affiliate of Shell to indemnify a trader for hundreds of millions of dollars in arbitral debts caused by its failure to deliver supplies of liquified natural gas.
16 April 2025
Hopes dim for Russia in Yukos appeal
An advocate-general at the Dutch Supreme Court has recommended the dismissal of Russia’s bid to revive allegations that awards now worth US$63 billion in favour of the former majority shareholders of Yukos were tainted by procedural fraud.
14 April 2025
UniCredit fails to overturn Gazprom’s Russian injunctions
A Russian court has upheld injunctions obtained by a Gazprom affiliate in a long-running dispute with UniCredit over unpaid bonds that has led to conflicting decisions between the Russian and UK courts.
10 April 2025
Indian arbitrators behind “copied and pasted” award come to light
The Singapore Court of Appeal has upheld a decision to annul an ICC award in an Indian railway dispute because large portions of it were “copied and pasted” from awards in related cases – while taking the unusual step of naming the arbitrators.
08 April 2025