Insights / News
Insights / News
Events, Personal Injury 25 Jan, 2023
On 27 January 2023, Mrs Justice Cockerill handed down judgment in PJSC National Bank Trust & anor v Mints & ors  EWHC 118 (Comm) in which she considered the effect of the Russian sanctions regime on commercial litigation involving parties who are designated persons.
Under the Russia (Sanctions) (EU Exit) Regulations 2019 (the “Regulations”), all assets of a designated person are frozen, meaning no person may deal in them, and no person may make available any assets to a designated person. The Second Claimant in the long running litigation, PJSC Bank Otkritie Financial Corporation, had been designated by the Secretary of State and therefore was subject to an asset freeze. The First Claimant, National Bank Trust (“NBT”), was said by the Defendants to be “owned or controlled” by designated persons under the UK Russian sanctions regime.
The Second and Third Defendants sought a stay of the proceedings. There were therefore two main issues for determination – (1) the effect of sanctions on the litigation, given that the Second Claimant was a designated person, and (2) whether that question applies to only one of the Claimants or both.
Joshua Hitchens (of Outer Temple Chambers), Annabel Thomas, Gavin Costelloe and Bethany Histed (all of Greenberg Traurig LLP) analyse the judgment and provide a commentary on the decision.
Read the full case analysis here.
Joshua Hitchens is a sanctions specialist in Outer Temple Chambers’ commercial team. He has advised extensively on sanctions compliance issues following Russia’s invasion of Ukraine. When the sanctions regime was imposed, Joshua was on secondment at the Bank of England and was co-opted into the Bank’s response to the imposition of sanctions by HMG.
To find out more about Joshua and our sanctions expertise, contact Sam Carter on +44 (0)203 989 6669 or Colin Bunyan on +44 (0)207 427 4886 for a confidential discussion.
Greeberg Traurig LLP
Annabel Thomas is a sanctions specialist in Greenberg Traurig’s London office. She has a strong background in corporate disputes and civil fraud and clients include UK and overseas-based high-net-worth individuals and corporates from a range of sectors. She recently defended a Ukrainian businessman in a $380m civil fraud dispute brought by Russian energy giant Tatneft, following a 42 day fully virtual trial.
Gavin Costelloe is a senior associate in Greenberg Traurig’s White Collar Defense & Special Investigations Practice in London. Gavin is a former lawyer and prosecutor for the UK’s Serious Fraud Office (SFO). He has recently acted for a UK manufacturing company in respect of an internal investigation into alleged breaches of EU and U.S. financial sanctions.
Bethany Histed is a senior associate and sanctions specialist in Greenberg Traurig’s London office. She focuses her practice on commercial litigation, civil fraud, and complex multi-jurisdictional disputes. Bethany is currently acting for a Governmental client in pursuit of claims under Maltese and/or Swedish law for civil fraud in excess of €115m.
To find out more about Annabel, Gavin or Bethany contact Greenberg Traurig LLP at www.gtlaw.com or call +44 (0) 203 349 8700.
Commercial, News, International 9 Feb, 2023
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