It has emerged that a US$4.5 million SCC award arising out of the first Russian-language Energy Charter Treaty claim was successfully recognised and enforced against Ukraine last month – but a Russian court is now considering whether to overturn the judgment debt that the award upheld.
The award arises from an arbitration brought against Ukraine in 2008 after the national courts failed to enforce a US$23 million judgment that a St Petersburg court issued against the country’s nuclear power producer, Energoatom, a decade ago.
The court held that Energoatom had failed to pay the full price for electric equipment supplied to it by a Russian company, Mobil, which later assigned the debt to another Russian entity, Elektrokeramika. Remington acquired the judgment debt from Elektrokeramika in 2002.
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