The New Cold War: Risk, Sanctions, Compliance Episode 25: “Can the U.S. Seize the Russian Central Bank’s Assets?”
Common Missteps When Suing the State of New Jersey and How to Prevent Them
English High Court determines that ratification of the New York Convention on the Recognition and Enforcement of Arbitral Awards does not constitute prior written agreement to waive sovereign immunity....more
In a landmark victory for the Republic of India, the Commercial Court has held that India did not waive its state immunity in relation to the enforcement of two bilateral investment treaty awards solely by reason of its...more
As all eyes focus on peace talks and the future of the Russia/Ukraine conflict, Russia recently suffered another defeat in the long running Yukos saga, with the English Court of Appeal confirming that Russia could not invoke...more
In a significant recent decision in Infrastructure Services v Spain; Border Timbers v Zimbabwe, arising out of two separate English proceedings seeking the recognition and enforcement of ICSID arbitration awards rendered...more
AT A GLANCE - State involvement in commercial transactions continues to increase and remains an area of distinct legal risk for commercial parties. The nature of a state's role on any transaction may vary and its...more
In February 2024, the Court of Appeal of England & Wales upheld a September 2023 decision of the Commercial Court in The Republic of Mozambique v Credit Suisse International And Others (No.10), finding that: (1) the President...more
Sovereign immunity is a principle of public international law whereby one sovereign state should not seek to apply its law to another sovereign state. Alongside the jurisdictional immunity foreign sovereigns enjoy in the...more
UK Chancellor Jeremy Hunt delivered his first full Spring Budget on Wednesday 15 March. It is interesting (that is, interesting in a rather specific tax context) that, despite the fiscal volatility of 2022, this was in fact...more
Amongst the usual round of rate changes and technical measures (including replacement of the capital allowances “super-deduction” regime with full expensing for companies incurring expenditure on plant and machinery over the...more
HM Treasury and HM Revenue and Customs (HMRC) are consulting on proposed changes to the U.K.’s existing approach to sovereign immunity from U.K. direct taxation. The proposed changes would be a major step change in the...more
The UK Government has recently consulted on a revised approach to sovereign immunity from direct taxation. The consultation was brought about owing to the view that whilst the scope of sovereign immunity-based exemptions has...more
The UK government is consulting on bringing overseas sovereign investors in UK real estate within the scope of UK direct tax from April 2024 as part of measures amending the scope of the sovereign immunity tax exemption. ...more
In its recent decision in (1) Hulley Enterprises Limited, (2) Yukos Universal Limited, (3) Veteran Petroleum Limited v The Russian Federation,1 the High Court concluded that where a party has challenged the jurisdiction of...more
A tanker truck, converted into a bomb, was detonated near the north face of building #131 at the Khobar Towers complex in Saudi Arabia shortly before 10 pm on 25 June 1996, according to the 2001 U.S. federal grand jury...more
Ukraine’s recent attempt to resist enforcement of an ICSID award on sovereign immunity grounds has failed. Most importantly, the decision confirms the inherent value in any arbitration agreement –a State may lose the right...more
Sovereign immunity is a complex topic. This bulletin highlights key points to consider, particularly when drafting or reviewing a sovereign immunity waiver clause, from an English law perspective (as applied by the English...more