Summary

This action is the second to be issued in the DIFC Courts relating to a substantial underlying dispute between the parties.

This action seeks the recognition and enforcement of a Final Arbitral Award dated 16 December 2025 issued by the International Commercial Arbitration Court at the Chamber of Commerce and Industry of the Russian Federation (the "Final Award").

The Tribunal found the Respondent liable for 50,129,616,964.31 Rubles, equivalent to about USD 628,114,074.64, on the basis of personal guarantees which it found the Defendant had executed in favour of Bank as security for two loan agreements entered into in 2023 with Ojas ("Ojas "), a Turkish company involved in the wholesale trade of liquid fuels and ores. The Defendant was, at the material time, the sole director of Ojas and a shareholder in it.

The Claimant, which is a Hong Kong company, alleges that the Defendant is liable to it on the basis of a series of assignment agreements entered into in 2024 whereby Bank assigned its rights and claims against Ojas and the Defendant to the Claimant. The assignments were formalised by an Additional Agreement dated 23 April 2024.

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