IN THE HIGH COURT OF JUSTICE
BUSINESS AND PROPERTY COURTS OF
ENGLAND AND WALES
COMMERCIAL COURT (KBD)
IN THE MATTER OF THE ARBITRATION ACT 1996
AND IN THE MATTER OF AN ARBITRATION CLAIM
BEFORE: The Hon Mr Justice Waksman
DATED: 13 July 2026
B E T W E E N :
JOINT STOCK COMPANY STATE SAVINGS BANK OF UKRAINE
(also known as JSC OSCHADBANK)
Claimant
and
THE RUSSIAN FEDERATION
Defendant
UPON the award dated 26 November 2018 (the “Award”) of a tribunal comprising Sir David A R Williams KC, the Hon Charles N Brower and Mr Hugo Perezcano Diaz, made in Permanent Court of Arbitration Case No. 2016-14
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AND UPON the Claimant issuing proceedings, on 23 August 2023, by way of an Arbitration Claim Form and an Application Notice to enforce the Award in England and Wales (the “Enforcement Application”)
AND UPON the Court granting ex parte the Claimant’s Enforcement Application by the Order of The Hon Mr Justice Robin Knowles CBE made on 29 August 2023
AND UPON the Defendant applying, on 22 October 2024, for an order declaring that it has sovereign immunity pursuant to the State Immunity Act 1978 in respect of this claim (the “Jurisdiction Application”)
AND UPON the Order of Mr Justice Butcher made on 12 November 2024 (the “November 2024 Order”) ordering the stay of these proceedings by consent on terms as further set out therein
AND UPON the Paris Court of Appeal having delivered its judgment in the Renewed French Set-Aside Proceedings (as defined in the November 2024 Order) on 1 July 2025 dismissing all of the Defendant’s grounds for challenging the Award at the seat of arbitration (the “Paris CoA Judgment”)
AND UPON paragraph 5 of the Order of Mr Justice Bright made on 23 July 2025 (the “Bright J Order”) directing the Defendant to provide the Claimant, within two weeks of the Defendant filing its submission setting out the grounds of appeal of the Paris CoA Judgment to the French Cour de cassation but no later than 1 July 2026, a draft of the Defendant’s application with supporting evidence if it intends to apply for a further stay of these proceedings
AND UPON the directions hearing having been listed for 24 July 2026 (the “2026 Directions Hearing”) in accordance with paragraph 4 of the Bright J Order
AND UPON the Defendant having made a submission setting out the grounds of appeal of the Paris CoA Judgment in the Renewed French Set-Aside Proceedings to the French Cour de cassation on 1 July 2026
AND UPON the Defendant having provided the draft application for a further stay of these proceedings to the Claimant on 1 July 2026 pursuant to paragraph 5 of the Bright J Order
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AND UPON the parties agreeing that this order is an exercise of the Court’s case management powers over the Jurisdiction Application and does not in itself constitute a submission to jurisdiction or waiver of any pre-existing rights or immunities of the Defendant
BY CONSENT IT IS ORDERED THAT
1. The 2026 Directions Hearing be vacated.
2. These proceedings are stayed until the Defendant’s appeal in cassation against the Paris CoA Judgment in the Renewed French Set-Aside Proceedings is finally determined by the French Cour de cassation.
3. Each party has liberty to apply.
4. No order as to costs.