This paper proposes enforcement of Russian court judgments issued under Article 248 of the Russian Arbitrazh Procedure Code in the Dubai International Financial Centre (DIFC). We explain the impact of sanctions on international commercial dispute resolution, Russia’s response to such consequences by introducing Article 248, and address possible methods of execution of decisions rendered under the amended regime by the Russian Courts. We explore why DIFC may be a promising avenue for execution either through insolvency proceedings or recognition and enforcement of the Russian Courts’ decisions. In this insight, we examine these methods, their requirements, and potential solutions to the challenges the judgment creditors may face. Additionally, we also propose obtaining interim measures in aid of ongoing Russian proceedings to safeguard the debtor’s assets from undermining judgment creditor’s efforts in the event of a favourable order.
This paper is the sixth of a seven-part series on DIFC litigation and global enforcement & recovery, in the run up to the Dubai Arbitration Week 2024. To find out more, please register for the panel discussion on the litigation framework in the DIFC and its implications for global enforcement and recovery strategies on 11 November 2024, the opening day of the Dubai Arbitration Week 2024.
Download the paper here: https://www.singularitylegal.com/expert-talk/enforcement-of-russian-judgments-under-the-lugovoy-law-in-the-difc
