VTB COMMODITIES TRADING DAC V JSC ANTIPINSKY REFINERY

[2020] EWHC 72 (Comm), Queen’s Bench Division, Commercial Court, Lord Justice Phillips, 20 January 2020

Arbitration – Power of court to grant interim relief in cases of urgency – Whether matter ceasing to be urgent conferred jurisdiction to continue interim relief – Worldwide freezing order – Cargo injunction – Non-disclosure – Arbitration Act 1996, section 44

The parties entered into a series of contracts for the sale of gasoil from Antipinsky to VTB. Under the contracts VTB was required to prepay €194,759,518.45. Disputes were to be resolved by arbitration in London. In April VTB received evidence that the gasoil had been sold to a third party. Six arbitrations were commenced on 29 April 2019 and at the same time VTB obtained two orders from Teare J under section 44 of the Arbitration Act 1996: a worldwide freezing order (WFO) of €225 million over Antipinsky’s assets; and a cargo injunction preventing Antipinsky from selling gasoil to third parties save to the extent that such sales did not inhibit Antipinsky’s power to fulfil the contracts with VTB and requiring Antipinsky to comply with its contractual obligations. On 16 October 2019, the return date for the WFO and the cargo injunction, VTB applied to Phillips LJ to continue the orders. On 20 October 2019 the tribunal gave its permission for the applications to be made. On 26 November 2019 the tribunal issued a partial final award in which VTB was awarded €208,102,208 in respect of sums repayable under the prepayment agreements. The question thereafter was whether the orders should be maintained.