A London arbitration award against Rusal for €248 million has failed to stand in Russia.
The Kaliningrad Regional Arbitration Court has refused to enforce in Russia the London arbitration awards, which ordered Rusal (MOEX: RUAL) and its subsidiary RTI to pay nearly €248 million to the German bank OWH (formerly a subsidiary of VTB). Interestingly, Rusal itself had applied for recognition of the arbitration awards, while its creditor objected to the Russian court’s consideration of the claim.
Alexandra Kuznetsova commented on this case for Kommersant.
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Alexandra Kuznetsova
Associate