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Thursday 1 August 2019

Application for immediate enforcement of an arbitral award of $3 billion successfully resisted following judgment

Alan Gourgey QC and Bobby Friedman successfully appeared for the respondent in National Joint Stock Company Naftogaz of Ukraine v Public Joint Stock Company Gazprom [2019] 2 Lloyd’s Rep. 20, resisting an application in the Commercial Court for immediate enforcement of an arbitral award of almost $3 billion, pending a challenge to the arbitral award before the supervising court (Sweden). Sir Michael Burton reviewed the authorities on the principles guiding the exercise of the Court’s discretion under s.103(5) Arbitration Act 1996. He decided that immediate enforcement should be refused even though the Swedish court had refused an application for a stay of execution.

Read the full judgment here.

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