February 12, 2025
The Court of Appeal has handed down an important ruling on state immunity, upholding the decision of the Commercial Court in this long-running action against the Russian Federation. The former shareholders of Yukos are seeking to enforce what are reputed to be the largest arbitration awards ever made, amounting to over $50 billion. Russia is claiming state immunity, on the basis that it did not agree to submit the dispute to arbitration. The same issue was argued and decided in the Dutch courts, being the courts of the seat. The Court of Appeal has decided that issue estoppel based on a foreign judgment is available against a foreign state when the English court is determining whether state immunity applies. Jonathan Crow CVO, KC has represented the claimants, both in the Commercial Court and in the Court of Appeal.
Click here for a copy of the judgment
