Barclays Bank PLC v PJSC Sovcombank & Anor

Barclays Bank PLC v PJSC Sovcombank & Anor

Barclays is entitled to anti-suit and anti-enforcement injunctions because the Loan Agreement contains an exclusive English jurisdiction clause binding both Sovcombank and SMR, the Russian proceedings are in breach, there is no strong reason to refuse relief, and the requirements for service out and by alternative means are satisfied.

Parties
Claimant/applicant: Barclays Bank PLC; Defendant/respondent: PJSC Sovcombank; Defendant/respondent: LLC Sodeistvie Mezhdunarodnym Raschetam
Jurisdiction
England and Wales
Judgment Date
11 December 2024
Procedural Posture
Commercial Application / Without Notice Application for Anti Suit and Anti Enforcement Injunction
Outcome
application granted
Legal Topics
Anti Suit Injunction, Exclusive Jurisdiction Clause, Sanctions, Service Out of Jurisdiction, Assignment of Contractual Rights
Commercial Law Banking Law Conflict of Laws Anti Suit Injunction Exclusive Jurisdiction Clause Sanctions Service Out of Jurisdiction Assignment of Contractual Rights

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Parties

Barclays Bank PLC

Claimant/applicant

PJSC Sovcombank

Defendant/respondent

LLC Sodeistvie Mezhdunarodnym Raschetam

Defendant/respondent

Procedural Posture

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

Legal Issues

  1. 1 Whether Barclays is entitled to anti-suit and anti-enforcement injunctions against Sovcombank and SMR to restrain Russian proceedings in breach of an exclusive English jurisdiction clause
  2. 2 Whether the assignment of rights from Sovcombank to SMR affects the appropriateness of relief
  3. 3 Whether delay or sanctions regime impacts the grant of relief

Ratio Decidendi

Barclays is entitled to anti-suit and anti-enforcement injunctions because the Loan Agreement contains an exclusive English jurisdiction clause binding both Sovcombank and SMR, the Russian proceedings are in breach, there is no strong reason to refuse relief, and the requirements for service out and by alternative means are satisfied.

Court Disposition

application granted

Orders

  • Anti-suit injunction granted restraining Sovcombank and SMR from continuing Russian proceedings in breach of the exclusive jurisdiction clause
  • Anti-enforcement injunction granted