JP Morgan Securities PLC & Ors v VTB Bank PJSC (Rev1) [2025] EWHC 1368 (Comm) (05 June 2025)

JP Morgan Securities PLC & Ors v VTB Bank PJSC (Rev1) [2025] EWHC 1368 (Comm) (05 June 2025)

The Russian proceedings brought by VTB are in substance disputes arising out of or in connection with contracts containing English law arbitration agreements, regardless of their tortious characterisation under Russian law. The arbitration agreements are broad, binding, and cover the disputes. Affiliates are entitled to enforce the arbitration agreements under the Contracts (Rights of Third Parties) Act 1999. The English court has jurisdiction and should exercise it to grant final anti-suit and anti-enforcement injunctions to protect the parties' agreed dispute resolution mechanisms. There are no strong reasons to refuse relief.

Citation
[2025] EWHC 1368 (Comm)
Parties
Claimant/respondent: JP Morgan Securities Plc & Ors; Claimant/respondent: JPMorgan Chase Bank, N. A., London Branch & Ors; Defendant/applicant: VTB Bank PJSC
Jurisdiction
England and Wales
Judgment Date
05 June 2025
Procedural Posture
Commercial Court Claim for Anti Suit Injunctions and Related Relief / Final Hearing on Applications for Final Anti Suit Injunctions, Anti Enforcement Injunctions, and Jurisdictional Challenge
Outcome
Final anti-suit and anti-enforcement injunctions granted. VTB's jurisdiction challenge dismissed.
Legal Topics
Anti Suit Injunctions, Arbitration Agreements, Jurisdictional Challenges, Enforcement of Foreign Judgments, Third Party Rights Under Contracts, Sanctions and Cross Border Banking
Commercial Law Conflict of Laws Arbitration Banking Law Anti Suit Injunctions Arbitration Agreements Jurisdictional Challenges Enforcement of Foreign Judgments +2 more

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Parties

JP Morgan Securities Plc & Ors

Claimant/respondent

JPMorgan Chase Bank, N. A., London Branch & Ors

Claimant/respondent

VTB Bank PJSC

Defendant/applicant

Procedural Posture

Commercial Court Claim for Anti Suit Injunctions and Related Relief / Final Hearing on Applications for Final Anti Suit Injunctions, Anti Enforcement Injunctions, and Jurisdictional Challenge

Legal Issues

  1. 1 Whether the Russian proceedings brought by VTB are in breach of arbitration agreements or exclusive jurisdiction clauses in contracts with JPMorgan entities
  2. 2 Whether non-signatory affiliates can enforce arbitration agreements under the Contracts (Rights of Third Parties) Act 1999
  3. 3 Whether the English court has jurisdiction and should exercise it to grant final anti-suit and anti-enforcement injunctions

Ratio Decidendi

The Russian proceedings brought by VTB are in substance disputes arising out of or in connection with contracts containing English law arbitration agreements, regardless of their tortious characterisation under Russian law. The arbitration agreements are broad, binding, and cover the disputes. Affiliates are entitled to enforce the arbitration agreements under the Contracts (Rights of Third Parties) Act 1999. The English court has jurisdiction and should exercise it to grant final anti-suit and anti-enforcement injunctions to protect the parties' agreed dispute resolution mechanisms. There are no strong reasons to refuse relief.

Court Disposition

Final anti-suit and anti-enforcement injunctions granted. VTB's jurisdiction challenge dismissed.

Orders

  • VTB is restrained from pursuing or prosecuting the Russian proceedings against the JPMorgan entities in breach of the arbitration agreements.
  • VTB is restrained from seeking to enforce any Russian judgments or orders obtained in breach of the arbitration agreements.