Barclays Bank PLC v VEB.RF

Barclays Bank PLC v VEB.RF

The claimant's notice under clause 13(b)(ii) was valid and effective; there was no impossibility created by the final ASI, no waiver or estoppel by the claimant, and clause 9(b) precluded informal waiver. The final ASI did not preclude the defendant from commencing proceedings in England and Wales. The claimant is entitled to declarations as sought and the ASI is varied to clarify the defendant may commence proceedings in the English courts.

Parties
Claimant: Barclays Bank PLC; Defendant: VEB. RF
Jurisdiction
England and Wales
Judgment Date
16 December 2024
Procedural Posture
Commercial Court Claim / Judgment on Jurisdiction and Application to Vary Anti Suit Injunction
Outcome
Claim allowed
Legal Topics
Jurisdiction Clauses, Anti Suit Injunctions, Waiver and Estoppel, Interpretation of Contracts
Arbitration Contract Law Civil Procedure Jurisdiction Clauses Anti Suit Injunctions Waiver and Estoppel Interpretation of Contracts

Case Brief

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Parties

Barclays Bank PLC

Claimant

VEB. RF

Defendant

Procedural Posture

Commercial Court Claim / Judgment on Jurisdiction and Application to Vary Anti Suit Injunction

Legal Issues

  1. 1 Whether the claimant's notice under clause 13(b)(ii) of the Agreement was valid and effective to require discontinuance of arbitration and commencement of proceedings in the English courts
  2. 2 Whether the claimant had waived or was estopped from exercising its right under clause 13(b)(ii)
  3. 3 Whether the final anti-suit injunction (ASI) precluded the defendant from commencing proceedings in England and Wales

Ratio Decidendi

The claimant's notice under clause 13(b)(ii) was valid and effective; there was no impossibility created by the final ASI, no waiver or estoppel by the claimant, and clause 9(b) precluded informal waiver. The final ASI did not preclude the defendant from commencing proceedings in England and Wales. The claimant is entitled to declarations as sought and the ASI is varied to clarify the defendant may commence proceedings in the English courts.

Court Disposition

Claim allowed

Orders

  • Declaration that the arbitral tribunal has no jurisdiction to determine the dispute under the Agreement
  • Declaration that the claimant's notice under clause 13(b)(ii) was valid and effective