Practice shows that there is no unified approach yet: only a few companies manage to recover the full value of securities, and the Supreme Court insists that only lost income should be reimbursed. Simultaneously, in many similar disputes, courts apply Articles 248.1 and 248.2 of the Arbitration Procedure Code. Partly due to the extensive practice of applying the "Lugovoy Law" in the UK, the demand for anti-suit injunctions has increased.

For example, as stated in the article, the High Court of Justice of England and Wales issued a permanent anti-suit injunction to VTB Bank, prohibiting the bank from suing JPMorgan structures in Russia, excluding JPM Russia. At the end of last year, the same court issued a temporary injunction to the Russian bank against proceedings in Russia. The basis was an arbitration clause referring the parties to the London Court of International Arbitration (LCIA).

Stanislav Dobshevich, KKMP Partner, comments in particular:

At the same time, a foreign entity may not always have sufficient assets to enforce a judgment within Russia. And even if they do, they may be blocked from recovery in accounts of type ‘C’. Thus, enforcing judgments under Article 248.1 of the Arbitration Procedure Code is not possible either in Russia or abroad.