Russian bank restrained from breaching LCIA arbitration agreement and side-stepping sanctions
The English Court has made permanent an interim anti-suit injunction (ASI) and anti-enforcement injunction (AEI) granted to the claimant UK bank, Barclays, in respect of Russian Court proceedings initiated by the defendant, VEB, a sanctioned Russian state development bank. The Court deemed those proceedings to be in breach of an LCIA arbitration provision contained in the parties’ agreement.
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