🇨🇾🇷🇺 𝐂𝐲𝐩𝐫𝐮𝐬 𝐂𝐨𝐮𝐫𝐭 𝐈𝐧𝐯𝐨𝐤𝐞𝐬 𝐏𝐮𝐛𝐥𝐢𝐜 𝐏𝐨𝐥𝐢𝐜𝐲 𝐭𝐨 𝐃𝐞𝐧𝐲 𝐄𝐧𝐟𝐨𝐫𝐜𝐞𝐦𝐞𝐧𝐭 𝐨𝐟 𝐋𝐂𝐈𝐀 𝐀𝐰𝐚𝐫𝐝 𝐀𝐦𝐢𝐝 𝐑𝐮𝐬𝐬𝐢𝐚𝐧 𝐁𝐚𝐧𝐤𝐫𝐮𝐩𝐭𝐜𝐲.

The case concerns an attempt to recognise and enforce a USD 82 million LCIA award in Cyprus against the Ananiev brothers, former Russian bankers. Since 2019 and 2022 respectively, Alexey and Dmitry have been subject to bankruptcy proceedings in Russia.

A Cyprus court refused recognition and enforcement of the LCIA award because such recognition would be in conflict with Russian bankruptcy proceedings. The reasons of the Cyprus court are as follows (a machine translation from the Greek language into the English language):

"It is a fact that any issuance of the requested decrees will result in the bypassing of the priority of the creditors of the Respondent. I consider that the interests of the body of creditors prevail over the interests of the Applicants who, with the present application, are attempting to collect their receivables to the detriment of the remaining creditors."

"The disregard of the interests of creditors for the benefit of the Applicants is something that is clearly contrary to Cypriot public order."

📃 The Cyprus decision is available at the following link.

P.S. The post in Russian is available here.

ProArbitration.Ru ✈️