Barclays Bank PLC v VEB.RF [2024] EWHC 225 (Comm) (05 February 2024)

Barclays Bank PLC v VEB.RF [2024] EWHC 225 (Comm) (05 February 2024)

There is a valid arbitration agreement governed by English law, the Russian proceedings are in breach of that agreement, and there are no strong reasons (including delay, progress in Russian proceedings, or sanctions) to refuse anti-suit or anti-enforcement relief. The anti-suit and anti-enforcement injunctions are therefore granted.

Citation
[2024] EWHC 225 (Comm)
Parties
Claimant / Applicant: Barclays Bank PLC; Defendant / Respondent: VEB. RF
Jurisdiction
England and Wales
Judgment Date
05 February 2024
Procedural Posture
Commercial Court Application / Without Notice Application for Anti Suit Injunction and Anti Enforcement Order
Outcome
Anti-suit injunction and anti-enforcement order granted
Legal Topics
Anti Suit Injunctions, Arbitration Agreements, Jurisdiction, Sanctions Enforcement, Asset Freeze, Enforcement of Foreign Judgments
Commercial Law Arbitration Sanctions Anti Suit Injunctions Arbitration Agreements Jurisdiction Sanctions Enforcement Asset Freeze +1 more

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Parties

Barclays Bank PLC

Claimant / Applicant

VEB. RF

Defendant / Respondent

Procedural Posture

Commercial Court Application / Without Notice Application for Anti Suit Injunction and Anti Enforcement Order

Legal Issues

  1. 1 Whether an anti-suit injunction should be granted to restrain proceedings in Russia contrary to an English law arbitration agreement
  2. 2 Whether an anti-enforcement order should be granted to prevent enforcement of any Russian judgment
  3. 3 Whether the arbitration agreement is valid and governed by English law despite asymmetric provisions

Ratio Decidendi

There is a valid arbitration agreement governed by English law, the Russian proceedings are in breach of that agreement, and there are no strong reasons (including delay, progress in Russian proceedings, or sanctions) to refuse anti-suit or anti-enforcement relief. The anti-suit and anti-enforcement injunctions are therefore granted.

Court Disposition

Anti-suit injunction and anti-enforcement order granted

Orders

  • Respondent restrained from taking steps to further Russian court proceedings against claimant
  • Respondent restrained from enforcing any substantive order made by Russian courts in relation to the claim