The Court of Appeal has allowed an appeal by UniCredit and granted an anti-suit injunction against proceedings brought by RCA in Russia against UniCredit. The underlying dispute is about non-payment by UniCredit under bonds issued to RCA on the grounds that it was prohibited from making payment because of EU Russia sanctions. The judgment is on the UK Judgments section of this site.
The court held that it had jurisdiction and granted a final anti-suit injunction finding that RCA was in breach of its agreement that such disputes should be decided by ICC arbitration in Paris.
On 11 October 2023, in a similar case, the Court of Appeal granted an anti-suit injunction against Russian proceedings brought by RCA against Deutsche Bank.
There is due to be a hearing on this dispute in the Russian court on 14 February 2024, which has already dismissed UniCredit’s jurisdiction challenge.