LexisNexis case analysis: JP Morgan Securities and others v VTB Bank

Ben Channer has authored a new case analysis in partnership with LexisNexis on JP Morgan Securities and others v VTB Bank, in which the Court of Appeal upheld anti-suit and anti-enforcement injunctions restraining Russian proceedings designed to recover assets frozen under UK sanctions.

The Court of Appeal held that, when the contractual framework was construed as a whole, non-signatory JPM Group entities could enforce the London arbitration clauses and that the relevant provisions were not inconsistent. It further found that claims framed under Russian tort law, including those brought against JPM Russia, were nevertheless vexatious and oppressive because they sought in substance to enforce English-law contractual obligations while circumventing both the parties’ agreed arbitral forum and the UK sanctions regime.

This decision is an important authority for practitioners on contractual consistency, sufficient interest, comity and the availability of anti-suit and anti-enforcement relief in sanctions-related disputes. It will be of considerable interest to commercial litigators, arbitration practitioners and those advising on cross-border disputes involving sanctions issues.