We were delighted to join with Blackstone Chambers for a panel discussion on the constitutional protection of property rights in public and private law litigation.

Insights on this interesting and important topic were shared from the front lines of litigation in both Hong Kong (

) and London (Tom Weisselberg KC and Monica Carss-Frisk KC).

A big thank you to all who attended the event and contributed to the lively discussion.

 [2024] HKCFI 2529, the Court of First Instance granted anti-suit and anti-enforcement injunctions for a German bank (Bank A) to prevent a Russian bank (Bank B) sanctioned by the EU from pursuing and enforcing Russian court proceedings in breach of an HKIAC arbitration clause.

Bank A entered into a foreign exchange agreement with Bank B. Following the sanctions imposed by the EU as a result of the Russia-Ukraine war, Bank A was prohibited from making payments to Bank B. The parties terminated the earlier agreement by a termination agreement (TSA), which contained an HKIAC arbitration clause. After Bank B demanded payment of around €113 million, Bank A refused to pay, citing EU sanctions. Subsequently, Bank B initiated proceedings in Russian courts and obtained judgment.

Bank A applied for a final anti-suit and anti-enforcement injunction to restrain Bank B from pursuing proceedings and enforcing the Russian judgment in breach of the arbitration clause. Mimmie Chan J granted the injunctions. Several points are worth highlighting:

This judgment reaffirms the Hong Kong court’s robust approach in upholding arbitration agreements. Hong Kong remains an arbitration-friendly jurisdiction, notwithstanding proliferating international sanctions.

, instructed by Deacons, for the Plaintiff (Bank A).

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