Maria Ivanova

Defending Euroclear in one of the largest disputes in global history (exceeding €200 billion) arising from the freezing of sovereign assets. 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 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 major bank in a number of disputes over the claims brought by a major bank and a Russian state corporation seeking recognition of the competence of Russian courts to hear the disputes (Article 248.1 of the Russian Commercial Code) arising out of the agreements on financial transactions and a cross-currency interest rate swap concluded between the parties. The claimants were sanctioned, the parties terminated the agreements on condition that the client would provide the termination amount to the claimants but, due to the prohibition on transactions with sanctioned parties, the client was unable to fulfil the obligations. Despite the arbitration clause, the opponents asked the Russian court to change the jurisdiction.

Assistance with preparing an expert report for a Cypriot court on the minority shareholders’ prospects of recovering multimillion-dollar losses. The dispute arose out of alleged violations committed by a majority shareholder during the squeeze-out of shares of one of the world’s largest potash fertiliser producers. The team assisted Maxim Kulkov in preparing the report on the squeeze-out procedure of minority shareholders, which, inter alia, addressed controversial issues such as the body of proof of losses caused by the squeeze-out and the possibility of claiming in tort against the majority shareholder who had not complied with the squeeze-out procedure.

Advising the client (a foreign creditor) in relation to disputes over debt collection in the amount of more than US$20m from two Russian companies (major oil traders) and their affiliates who provided a pledge. We also support disputes over inclusion of the client’s claims in the register of creditor claims of debtors which are under insolvency proceedings.

After the firm’s team successfully defended RBC against subsidiary liability, the opponents attempted to hold the debtor’s former directors liable in order to force them to provide information favourable to the opponents that could be used to revise the subsidiary liability dispute against RBC. We represent one of the debtor’s directors who was brought to subsidiary liability in order to reduce its amount and the risks of foreclosure for the client’s assets.

Representing the trustee in insolvency proceedings of a beneficiary owner of an oilseed processing plant holding. Thanks to the right litigation strategy and successful litigation support, the beneficiary’s attempts to obstruct the insolvency proceedings were stopped and creditors’ claims were repaid at the expense of the beneficiary’s property.