AVELLUM Contributed to an Amicus Curiae Brief for the Court Proceeding, Which May Have Considerable Impact on Enforceability of Foreign Awards in Ukraine.
AVELLUM was part of the Ukrainian Arbitration Association’s (“UAA”) Working Group, which prepared an Amicus Curiae (friend of the court) Brief (“Brief”), submitted to the High Specialised Court of Ukraine for Civil and Criminal Cases (“Court”) earlier this week.
Within the relevant proceeding, the Court will soon have to consider the appeal against lower court’s decision on recognition and enforcement of a GAFTA award. The award amounts to USD17,536,000 and envisages compound interest.
The Brief is based on Ukrainian legislation, as well as court practice. It also takes into account international approaches to the relevant matters. The Brief covers the following issues:
• the scope of public policy exception as ground to deny recognition and enforcement of foreign awards
• court’s powers (i) to grant recognition and enforcement in part and (ii) to calculate interest at the rate set in a foreign award
The UAA Working Group submitted its independent expert opinion to assist the Court in rendering the judgement.
According to Dmytro Marchukov, Partner and Head of Dispute Resolution practice, “such initiative is first of its kind in Ukraine. We are delighted and honoured to be part of it. Conclusions of the court on the issues in question may significantly influence further development of arbitration in Ukraine and perception of Ukraine as an arbitration-friendly jurisdiction.”
The UAA Working Group was chaired by AVELLUM’s Partner and Head of Dispute Resolution practice Dmytro Marchukov. Senior Associate Serhii Uvarov, as well as Associates Anna Vlasenko and Oleksii Maslov also provided valuable contribution in the preparation process of the Brief.