The dispute arose out of a sale by a group of Russian investors of several operating companies that own real estate in Europe. Because of the restrictions introduced due to COVID-19, in March 2020, the sellers were unable to meet the necessary conditions for the buyer to make its payment. The buyer did not accept a defence of force majeure, which triggered an arbitration under the LCIA Rules, as well as a number of parallel court proceedings.
The BGP Litigation lawyers managed to obtain interim measures from the court at the location of the real estate in question, as well as to achieve several preliminary victories following the arbitral tribunal’s hearings on jurisdiction. After the arbitral proceedings were concluded, the dispute was settled by an agreement between the parties and the award issued by the arbitral tribunal on the terms fully aligned with the interests of our clients.