VTB Bank PJSC v Timur Orazbekovich Kuanyshev & Anor

VTB Bank PJSC v Timur Orazbekovich Kuanyshev & Anor

The Respondents failed to demonstrate that the £5,000 threshold for asset disclosure was oppressive or burdensome, so the threshold remains. The Respondents established a good arguable case for fortification of the cross-undertaking in damages, warranting an increase to £500,000 and payment into Court to mitigate sanctions-related delays. There is a good arguable case that St Theodore may be an asset of the Respondents, so references to Mr Clayton, AWG, and St Theodore remain in the WFO pending a trial of preliminary issues.

Parties
Claimant / Applicant: VTB BANK PJSC; Defendant / Respondent: Timur Orazbekovich Kuanyshev; Defendant / Respondent: Alfiya Abulkhair Askar (AKA Alfiya Kuanisheva); Third Party Applicant: Christopher Andrew Clayton (on behalf of himself and Alpha Wealth Group and other entities controlled by Mr Clayton)
Jurisdiction
England and Wales
Judgment Date
16 March 2026
Procedural Posture
Commercial Court Application (freezing Order) / Return Date Hearing on Applications to Vary and Discharge Worldwide Freezing Order
Outcome
Applications determined: Respondents' application to increase asset disclosure threshold dismissed; application to increase fortification and require payment into Court allowed; Mr Clayton's application to remove references dismissed, but preliminary issue ordered.
Legal Topics
Worldwide Freezing Orders, Asset Disclosure, Cross Undertaking in Damages, Sanctions Compliance, Third Party Asset Disputes
Civil Procedure Commercial Law Injunctions Worldwide Freezing Orders Asset Disclosure Cross Undertaking in Damages Sanctions Compliance Third Party Asset Disputes

Case Brief

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Parties

VTB BANK PJSC

Claimant / Applicant

Timur Orazbekovich Kuanyshev

Defendant / Respondent

Alfiya Abulkhair Askar (AKA Alfiya Kuanisheva)

Defendant / Respondent

Christopher Andrew Clayton (on behalf of himself and Alpha Wealth Group and other entities controlled by Mr Clayton)

Third Party Applicant

Procedural Posture

Commercial Court Application (freezing Order) / Return Date Hearing on Applications to Vary and Discharge Worldwide Freezing Order

Legal Issues

  1. 1 Whether the threshold for asset disclosure under the WFO should be increased from £5,000 to £25,000
  2. 2 Whether the fortification of the cross-undertaking should be increased and paid into Court
  3. 3 Whether references to Mr Clayton, AWG, and St Theodore should be removed from the WFO

Ratio Decidendi

The Respondents failed to demonstrate that the £5,000 threshold for asset disclosure was oppressive or burdensome, so the threshold remains. The Respondents established a good arguable case for fortification of the cross-undertaking in damages, warranting an increase to £500,000 and payment into Court to mitigate sanctions-related delays. There is a good arguable case that St Theodore may be an asset of the Respondents, so references to Mr Clayton, AWG, and St Theodore remain in the WFO pending a trial of preliminary issues.

Court Disposition

Applications determined: Respondents' application to increase asset disclosure threshold dismissed; application to increase fortification and require payment into Court allowed; Mr Clayton's application to remove references dismissed, but preliminary issue ordered.

Orders

  • Respondents' application to increase asset disclosure threshold above £5,000 dismissed.
  • Respondents' application to amend cross-undertaking allowed: VTB to pay £500,000 into Court, subject to obtaining appropriate licences.