Ekaterina Tumanova

Defending Euroclear in one of the largest disputes in global history (exceeding €200 billion) arising from the immobilization of Russian gold reserves. The dispute between Central bank of Russia and a global infrastructure player represents a rare example of a case directly impacting the management of state reserves and the functioning of the international financial system under sanctions.

Defending Commerzbank AG in disputes initiated by major (including state-owned) Russian banks, financial institutions and individuals with claims based on the freezing of funds in the National Settlement Depository (NSD) and the alleged blocking of assets in a German bank due to sanctions. The KK&P team successfully opposed immediate recovery.
Russian courts had not previously considered such claims, as earlier cases pertained exclusively to the recovery of payments on securities blocked due to sanctions against the NSD. New caselaw is, therefore, being shaped with our involvement as these disputes directly influence Russian caselaw on sanctions-related disputes, as well as disputes related to the legal nature of funds.

Successfully defending the client in a dispute with Nizhnekamskneftekhim PJSC (NKNH) concerning the enforcement of claims under syndicated loans with a total value exceeding €1 billion. Despite ICC arbitration clauses with London as the seat of arbitration, NKNH sought to establish the jurisdiction of the Russian court by relying on sanctions and Article 248.1 of the Russian CPC. The courts of three instances upheld the client’s position: the mere presence of a sanctions element does not in itself confirm obstacles to access to justice and does not give rise to the exclusive jurisdiction of Russian courts.

Defending a major US bank in a wide range of proceedings initiated by leading Russian banks, companies, and private investors in connection with sanctions and counter-sanctions restrictions on payments and financial transactions, including disputes arising out of correspondent account agreements with claims for the return of funds blocked due to sanctions, disputes related to the blocking of international interbank transfers, and disputes related to the performance of obligations under financial instruments.

Defending a client in a dispute concerning an exemption from asset freezing (assets worth about US$20m) due to EU sanctions, as well as disputes regarding the recovery of damages from the client in connection with such freeze in various jurisdictions.

Successfully defending a major audit firm in a dispute over a claim brought by the opponent, who declared that the audit reports prepared by the client were misleading. The complexity of the dispute is due to the fact that such cases are extremely rare in Russia, and there is no relevant detailed regulation or settled court practice. The claimant’s actions posed a serious threat to the client’s reputation as they cast doubt on the quality of the client’s services and may lead to the cancellation of the auditor’s qualification certificate.

Representing one of the largest players on the Russian railway carriage market in a dispute over invalidation of the decision of the Federal Antimonopoly Service of the Russian Federation to refuse to initiate an investigation of an anti-trust law offence committed by the client’s competitor.

Successfully leading several insolvency cases, which, among other things, resulted in the return of US$0.7m worth of assets to a bankruptcy estate as a result of the invalidation of complex deals.