International Arbitration and Cross-border Disputes

Advised on a USD 500 m restructuring of debt owed by a major energy group in Eastern Europe.

Advising Mechel Group on restructuring its indebtedness to Gazprombank and VTB in connection with sale of Elga Coal Complex (one of the world’s largest coal deposits), involving amendments to the finance and security documentation, and a 10-year extension of the debt maturity worth approx. USD 6 bn.

Acted for RusHydro in an international arbitration with the Kyrgyz Republic over reimbursement of RusHydro’s USD 37 million investment in construction of the Upper-Naryn hydroelectric power plant cascade.

Represented a Russian state-owned bank in an LCIA arbitration against a Maltese holding company over a guarantee agreement governed by English law. Among other objections, the defendant invoked application of US sectoral sanctions against the bank, which allegedly prevented it from paying its debt to it. Despite all objections, our lawyers managed to persuade the arbitrators to make an award to recover the debt from the Maltese guarantor in full, and further to recognise the award in the UK and Malta.

Acted for a Cypriot holding company in an SCC arbitration launched by the former general director of the Russian subsidiary on the basis of a settlement deed governed by English law that had not been fully signed. We succeeded in persuading the arbitrator that the settlement deed had not entered into force and, as a result, the sole arbitrator dismissed all claims against our client in full.

Acted for a major Russian bank in an LCIA arbitration against a Maltese holding company over recovery of more than USD 260 million indebtedness under an English law governed guarantee in relation to several loans. Our team managed to persuade the arbitrators that the defendant should be held liable under the guarantee, even though the signature of the chairman of the Maltese company's board of directors on the guarantee agreement turned out to be forged. As a result, the arbitral tribunal upheld the claim in full. We also obtained recognition of the award in England and Malta.