The Ministry of Justice responded to Russia about the “arrest” of the Ukrainian courts

The Ukrainian ministry says the Stockholm Arbitration Court has yet to make a decision on the merits.

The Stockholm Arbitration Court, considering the Russian Vnesheconombank’s claim against Ukraine for the sale of Prominvestbank, has yet to make a decision on the merits and Ukraine has not yet received any documents from the British Virgin Islands court regarding the arrest of the Ukrainian fishing fleet. LIGA.net reports this with reference to the Ministry of Justice of Ukraine on Wednesday, December 23.

“First, the arbitration court (in Stockholm, – ed.) In this case has not yet made a decision on the merits. Second, in relation to two separate arbitration awards dated April 10, 2020, it should be noted that for their execution on the territory of Ukraine, decisions must go through a special procedure defined by international law, ”said the Ministry of Justice.

We are talking about a court decision, according to which Ukraine must reimburse the costs incurred in the course of arbitration. At the same time, judicial decisions must go through the procedure in accordance with the New York Convention on the recognition and enforcement of foreign arbitration awards; however, VEB did not initiate the relevant proceedings in Ukraine.

At the same time, if the Stockholm court makes a decision against Ukraine, the Ministry of Justice will study the possibilities of annulling it, but if such possibilities exist, the court’s decision will be appealed in the Swedish court, the ministry added.

Recall that the Russian Federation is trying to stop Ukraine’s fishing fleet. Russian Vnesheconombank seeks arrest of Ukrainian property abroad in case of sale of Prominvestbank.

Previously, the Kiev Court of Appeal refused the Russian Vnesheconombank recognizing the decision of the Stockholm Arbitration to stop the forced sale of 99.77% of the shares of Prominvestbank.

At the same time, the Stockholm arbitration ordered Ukraine to reimburse VEB for the costs of the investment dispute procedure. As the newspaper notes, following Ukraine’s refusal to voluntarily enforce the decision, the Eastern Caribbean Supreme Court of the British Virgin Islands enforced it.

Note that in November, the National Bank allowed TASkombank owner Sergei Tigipko to buy 100% of Fortifay Financial Company LLC, which owns 99.77% of Prominvestbank shares.

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