Judgment has been handed down today by the Court of Appeal in JSCS Tatneft v Bogolyubov & Kolomoisky & Ors, in which the Court of Appeal allowed an appeal by Tatneft, a Russian oil major, on all points against a judgment of Picken J late last year in which he had dismissed Tatneft’s claims and supporting worldwide freezing injunctions against four well-known Ukrainian businessmen, including Gennadiy Bogolyubov and Igor Kolomoysky. The claims arise out the involvement of the defendants in an allegedly fraudulent scheme to divert the oil monies due from Ukrtatnafta to Tatneft for their own benefit. The Court of Appeal has now concluded that Tatneft’s claims are arguable and the injunctions have been restored. The stage is now set for a major Commercial Court battle in London.
The Court of Appeal also ruled on a landmark point on the law of limitations under foreign non-contractual claims.
Richard Millett QC, Paul McGrath QC and David Davies acted for Tatneft, alongside Lord (Peter) Goldsmith QC of Debevoise & Plimpton, instructed by Akin Gump (Richard Hornshaw, London office and Ilya Rybalkin, Moscow office).