The Supreme Court has announced its decision in Unicredit Bank GmbH v RusChemAlliance LLC, with the full judgment to follow. It dismissed the appeal and maintained a final anti-suit injunction in respect of proceedings brought in Russia in breach of a Paris-seated arbitration agreement.
This decision confirms that the English court may grant an anti-suit injunction where an arbitration agreement is governed by English law, despite the parties choosing a foreign seat (which is in line with the previous lower court decisions considered here). While not in a position to hand down its judgment in full, the Supreme Court gave its decision in order to provide clarity prior to the upcoming Russian court hearing on 6 May 2024, the Russian court having adjourned to allow the Supreme Court to render its decision on the appeal.
This decision will be welcomed by financial institutions facing claims in the Russian courts brought by Russian parties subject to UK and US sanctions against foreign counterparties, in breach of exclusive jurisdiction clauses.
For more information, see this post on our Arbitration Notes blog.
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