Barclays Bank PLC v PJSC Sovcombank & Anor [2024] EWHC 1338 (Comm) (24 May 2024)

Barclays Bank PLC v PJSC Sovcombank & Anor [2024] EWHC 1338 (Comm) (24 May 2024)

Russian proceedings breached the exclusive jurisdiction clause; sanctions prevented Barclays from making payments under the Facility, providing a statutory defence; anti-suit and anti-enforcement injunctions are justified; declaratory relief is appropriate to confirm Barclays' non-liability for damages claimed in Russia.

Citation
[2024] EWHC 1338 (Comm)
Parties
Claimant/applicant: Barclays Bank PLC; Defendant/respondent: PJSC Sovcombank; Defendant/respondent: LLC Sodeistvie Mezhdunarodnym Raschetam (AIS)
Jurisdiction
England and Wales
Judgment Date
24 May 2024
Procedural Posture
Commercial Court Application for Final Injunctive and Declaratory Relief / Final Hearing
Outcome
Application granted
Legal Topics
Anti Suit Injunctions, Anti Enforcement Injunctions, Exclusive Jurisdiction Clauses, Declaratory Relief, Sanctions Compliance
Contract Law Banking Law Sanctions Law Civil Procedure Anti Suit Injunctions Anti Enforcement Injunctions Exclusive Jurisdiction Clauses Declaratory Relief +1 more

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Parties

Barclays Bank PLC

Claimant/applicant

PJSC Sovcombank

Defendant/respondent

LLC Sodeistvie Mezhdunarodnym Raschetam (AIS)

Defendant/respondent

Procedural Posture

Commercial Court Application for Final Injunctive and Declaratory Relief / Final Hearing

Legal Issues

  1. 1 Whether Russian proceedings breach the exclusive jurisdiction clause in the Facility agreement
  2. 2 Whether anti-suit and anti-enforcement injunctions should be granted
  3. 3 Whether Barclays is liable for non-payment under the Facility due to sanctions

Ratio Decidendi

Russian proceedings breached the exclusive jurisdiction clause; sanctions prevented Barclays from making payments under the Facility, providing a statutory defence; anti-suit and anti-enforcement injunctions are justified; declaratory relief is appropriate to confirm Barclays' non-liability for damages claimed in Russia.

Court Disposition

Application granted

Orders

  • Final anti-suit injunction restraining Russian proceedings
  • Final anti-enforcement injunction restraining enforcement of any Russian judgment