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Procedural Background
This Consent Order, issued by the High Court of Justice of England and Wales (Commercial Court), concerns enforcement proceedings brought by Joint Stock Company State Savings Bank of Ukraine (JSC Oschadbank) against the Russian Federation. The proceedings relate to the enforcement of a November 2018 arbitral award rendered in PCA Case No. 2016-14. The Defendant previously applied for a declaration of sovereign immunity under the State Immunity Act 1978, and the English proceedings were subsequently stayed pending the outcome of set-aside proceedings at the seat of arbitration in France.
Court's Directions and Stay of Proceedings
Following the Paris Court of Appeal's dismissal of the Defendant's set-aside application on 1 July 2025, the Defendant initiated an appeal to the French Cour de cassation. By consent of the parties, Mr Justice Waksman ordered that the scheduled 24 July 2026 directions hearing be vacated. The Court further directed that the English enforcement proceedings remain stayed until the Defendant's appeal in cassation against the Paris Court of Appeal judgment is finally determined.
The Court expressly noted the parties' agreement that the Order constitutes an exercise of the Court's case management powers over the underlying jurisdiction application. Accordingly, the Order does not in itself amount to a submission to jurisdiction or a waiver of any pre-existing rights or sovereign immunities held by the Defendant. No order was made as to costs.
