Alter ego As of Nov 4, 2026
When a state’s companies answer for its debts: the alter ego doctrine, 1896–2026
Courts presume that a state-owned company (SOE) is separate from the state, so a creditor of the state usually cannot seize the company’s assets. This page traces how that presumption was built and tested through judgments, statutes and attachments, and where the courts of 20 jurisdictions stand today.
Explore the timelineHow this was builtSee the mapРусская версия
- Milestones
- 62
- 12 key milestones in five eras
- Years covered
- 1896–2026
- from the first judgment to the latest
- Jurisdictions
- 20
- profiled and rated on the map
- Most open to creditors
- 1
- Netherlands, plus Delaware within the United States
- Cases pending
- 10
- two on the timeline and eight more cases to watch
Three tests How a creditor of a state reaches a state company’s assets
-
Identification
The company is in fact the state (U.S. alter ego, French émanation, Dutch vereenzelviging).
Example: Crystallex (2019)
-
Abuse
The state uses the company’s separate form to evade its debts.
-
Real owner
The asset is in the company’s name but belongs to the state.
Example: Stati v. Kazakhstan, Sweden (2021)
The timeline 62 milestones, 1896–2026
- Above the axis: widened creditors’ reachRight of the axis: widened creditors’ reach
- Below: protected state companiesLeft: protected state companies
- On the axis: laws and mixed results
- Pending
- Court decision
- Statute, treaty or policy
- Lawsuit
- Attachment
- Sale
- Scholarship
- Larger and labelled: key milestoneLarger and in bold: key milestone
6 of 62 milestones Clear filters
2 Restrictive immunity and the Bancec test1960–1999
3 First creditor campaigns2000–2011
4 From Gécamines to Crystallex2012–2021
5 The new wave2022–present
Each era is as wide as the number of milestones in it, and the milestones are spaced evenly in date order within their era, so the axis is not to scale in time. The dashed line joins the key milestones. Select a marker or a row to read the milestone.The timeline runs down the page in date order within each era, and the rows are evenly spaced, so it is not to scale in time. The dashed line joins the key milestones. Tap a row to read the milestone.
The milestones by era
1 Foundations 1896–1959 · 4 milestones
Salomon v. A Salomon & CoHouse of Lords · United KingdomThe principle of separate legal personality is the starting point of every alter ego dispute.
- Court or body
- House of Lords
- Where
- United Kingdom
- Citation
- [1897] AC 22
What happened
The House of Lords held that a properly formed company is a person separate from its shareholders.
Why it matters
The principle of separate legal personality is the starting point of every alter ego dispute.
Date and source to be confirmed.
Sources
No link yet. Citation: [1897] AC 22.
Maurice Wormser, “Piercing the Veil of Corporate Entity”Columbia Law Review · United StatesPopularized the “piercing the veil” metaphor later used in alter ego arguments.
- Court or body
- Columbia Law Review
- Where
- United States
- Citation
- 12 Colum. L. Rev. 496
What happened
An influential article on when courts disregard the corporate form.
Why it matters
Popularized the “piercing the veil” metaphor later used in alter ego arguments.
Source to be confirmed.
Sources
No link yet. Citation: 12 Colum. L. Rev. 496.
Krajina v. Tass AgencyEnglish Court of Appeal · United KingdomIn the era of absolute immunity, closeness to the state protected an entity instead of exposing it.
- Court or body
- English Court of Appeal
- Where
- United Kingdom
- Debt of
- Soviet Union
What happened
The Soviet news agency TASS was treated as a department of the Soviet state and held immune from a libel claim.
Why it matters
In the era of absolute immunity, closeness to the state protected an entity instead of exposing it.
Date to be confirmed.
Sources
- Annual Digest and Reports of Public International Law Cases (Cambridge)Judgment · cambridge.org
‹ Earlier in United KingdomSalomon 1896Later in United Kingdom ›Trendtex 1977
The “Tate Letter”U.S. State Department · United StatesCommercial acts of states stopped being protected, which later made state companies’ commercial assets a target.
- Court or body
- U.S. State Department
- Where
- United States
What happened
The State Department announced that the United States would follow the restrictive theory of sovereign immunity.
Why it matters
Commercial acts of states stopped being protected, which later made state companies’ commercial assets a target.
Source to be confirmed.
Sources
No link yet.
‹ Earlier in United StatesWormser article 1912Later in United States ›Bancec lawsuit 1961
2 Restrictive immunity and the Bancec test 1960–1999 · 11 milestones
Bancec v. Citibank: the lawsuitU.S. District Court for the Southern District of New York · United StatesThe dispute that, 22 years later, produced the Bancec test.
- Court or body
- U.S. District Court for the Southern District of New York
- Where
- United States
- Debt of
- Cuba
What happened
Cuba nationalized Citibank’s branches in September 1960. The Cuban state bank Bancec then sued Citibank in New York on a letter of credit, and Citibank counterclaimed to set off the value of its seized assets.
Why it matters
The dispute that, 22 years later, produced the Bancec test.
Sources
- First National City Bank v. Bancec, 462 U.S. 611 (the facts), CourtListenerJudgment · courtlistener.com
‹ Earlier in United StatesTate Letter 1952Later in United States ›FSIA 1976
European Convention on State Immunity, art. 27Council of Europe · InternationalWrote the separateness of state entities into a treaty.
- Court or body
- Council of Europe
- Where
- International
- Citation
- ETS No. 74
What happened
The Convention excluded a state’s separate legal entities from the definition of the state, even when they perform public functions.
Why it matters
Wrote the separateness of state entities into a treaty.
Source to be confirmed.
Sources
No link yet. Citation: ETS No. 74.
Foreign Sovereign Immunities ActU.S. Congress · United StatesThe statutory frame for every later U.S. alter ego case.
- Court or body
- U.S. Congress
- Where
- United States
What happened
Created the category “agency or instrumentality of a foreign state” with its own rules on execution (§§1603(b), 1610(b)).
Why it matters
The statutory frame for every later U.S. alter ego case.
Sources
- 28 U.S.C. §1610, Cornell LIIOfficial text · law.cornell.edu
‹ Earlier in United StatesBancec lawsuit 1961Later in United States ›Bancec 1983
Trendtex Trading v. Central Bank of NigeriaEnglish Court of Appeal · United KingdomPrototype of the separateness inquiry later used by English courts.
- Court or body
- English Court of Appeal
- Where
- United Kingdom
- Debt of
- Nigeria
What happened
The court examined the bank’s constitution, control and functions and held it was not an emanation or alter ego of the Nigerian state.
Why it matters
Prototype of the separateness inquiry later used by English courts.
Source to be confirmed.
Sources
- Case note, LawTeacher (secondary)Commentary · lawteacher.net
‹ Earlier in United KingdomKrajina v. Tass 1949Later in United Kingdom ›UK State Immunity Act 1978
State Immunity Act 1978UK Parliament · United KingdomThe UK framework still applied today.
- Court or body
- UK Parliament
- Where
- United Kingdom
What happened
Introduced the “separate entity,” immune only for acts in exercise of sovereign authority, and protected central-bank property regardless of use (s.14(4)).
Why it matters
The UK framework still applied today.
Sources
- State Immunity Act 1978, s.14, legislation.gov.ukOfficial text · legislation.gov.uk
‹ Earlier in United KingdomTrendtex 1977Later in United Kingdom ›Kensington and Walker 2005
NIOCFederal Constitutional Court · GermanyBasis of Germany’s formal approach: the registered owner is the debtor.
- Court or body
- Federal Constitutional Court
- Where
- Germany
- Debt of
- Iran
- Citation
- BVerfGE 64, 1
What happened
The court held that international law does not require treating the accounts of a state oil company as the state’s accounts.
Why it matters
Basis of Germany’s formal approach: the registered owner is the debtor.
Sources
- BVerfGE 64, 1 (DFR, University of Bern)Judgment · servat.unibe.ch
First National City Bank v. BancecU.S. Supreme Court · United StatesCreated the presumption of separateness and the alter ego exceptions used ever since.
- Court or body
- U.S. Supreme Court
- Where
- United States
- Debt of
- Cuba
- Citation
- 462 U.S. 611
What happened
The Court held that state companies are presumed separate from the state, with two exceptions: control so extensive that a principal–agent relationship arises, or where separateness would work fraud or injustice. On the facts it allowed Citibank’s set-off.
Why it matters
Created the presumption of separateness and the alter ego exceptions used ever since.
Sources
- Opinion, CourtListenerJudgment · courtlistener.com
‹ Earlier in United StatesFSIA 1976Later in United States ›Letelier v. Chile 1984
Letelier v. Republic of ChileU.S. Court of Appeals for the Second Circuit · United StatesOne of the first attempts to collect a state’s judgment debt from a state company. It showed that alter ego does not by itself overcome immunity from execution.
- Court or body
- U.S. Court of Appeals for the Second Circuit
- Where
- United States
- Debt of
- Chile
- Citation
- 748 F.2d 790
What happened
Judgment creditors sought to execute against assets of the state airline LAN-Chile. The district court treated LAN as Chile’s alter ego. The Second Circuit reversed because the property was not used for the commercial activity on which the claim was based.
Why it matters
One of the first attempts to collect a state’s judgment debt from a state company. It showed that alter ego does not by itself overcome immunity from execution.
Sources
- Opinion, JustiaJudgment · law.justia.com
‹ Earlier in United StatesBancec 1983Later in United States ›Walter Fuller factors 1992
SonatrachCour de cassation (First Civil Chamber) · FranceEarly basis of French separateness.
- Court or body
- Cour de cassation (First Civil Chamber)
- Where
- France
- Debt of
- Algeria
What happened
The court distinguished the property of the state from the separate property of a state company engaged in private-law activity.
Why it matters
Early basis of French separateness.
Source to be confirmed.
Sources
No link yet.
Benvenuti & Bonfant v. Banque commerciale congolaiseCour de cassation · FranceFoundation of the French émanation doctrine.
- Court or body
- Cour de cassation
- Where
- France
- Debt of
- Republic of Congo
What happened
The court refused a creditor of Congo an attachment of the bank’s funds: state control alone does not make an entity an emanation of the state.
Why it matters
Foundation of the French émanation doctrine.
Sources
- Judgment, italawJudgment · italaw.com
‹ Earlier in FranceSonatrach 1985Later in France ›Noga and the Sedov 2000
Foremost-McKesson v. Iran; Walter Fuller Aircraft Sales v. PhilippinesU.S. Courts of Appeals (D.C. Circuit, Fifth Circuit) · United StatesThe five factors are still applied and were endorsed in Rubin (2018).
- Court or body
- U.S. Courts of Appeals (D.C. Circuit, Fifth Circuit)
- Where
- United States
- Debt of
- Iran, Philippines
- Citation
- 905 F.2d 438 and 965 F.2d 1375
What happened
Courts made control over day-to-day operations the touchstone and listed five factors: economic control, profits, officials in day-to-day management, the real beneficiary and abuse of U.S. courts.
Why it matters
The five factors are still applied and were endorsed in Rubin (2018).
Sources
- Foremost-McKesson, 905 F.2d 438, JustiaJudgment · law.justia.com
- Walter Fuller, 965 F.2d 1375, CourtListenerJudgment · courtlistener.com
‹ Earlier in United StatesLetelier v. Chile 1984Later in United States ›Dole Food 2003
3 First creditor campaigns 2000–2011 · 9 milestones
Noga: the Sedov and Le BourgetFrench courts · FranceEarly high-profile attempts to collect a state’s debt from the assets of state bodies. Separateness held.
- Court or body
- French courts
- Where
- France
- Debt of
- Russia
What happened
Swiss trader Noga attached the sail training ship Sedov in Brest and tried to seize Russian aircraft at the Le Bourget air show to collect a debt of Russia. The court released the Sedov, owned by a state university, and fined Noga.
Why it matters
Early high-profile attempts to collect a state’s debt from the assets of state bodies. Separateness held.
Sources
- SwissinfoPress report · swissinfo.ch
‹ Earlier in FranceBenvenuti & Bonfant 1987Later in France ›Winslow v. SNH 2007
Dole Food v. PatricksonU.S. Supreme Court · United StatesCreditors must use ordinary veil-piercing against indirectly held SOEs.
- Court or body
- U.S. Supreme Court
- Where
- United States
- Citation
- 538 U.S. 468
What happened
Companies a state owns only through subsidiaries are not “instrumentalities” under the FSIA.
Why it matters
Creditors must use ordinary veil-piercing against indirectly held SOEs.
Link to be confirmed.
Sources
No link yet. Citation: 538 U.S. 468.
‹ Earlier in United StatesWalter Fuller factors 1992Later in United States ›Bridas 2006
UN Convention on Jurisdictional Immunities of States, art. 19 and annexUN General Assembly · InternationalInternational law deliberately left alter ego to national courts. The Convention is not yet in force, and courts apply art. 19 as custom.
- Court or body
- UN General Assembly
- Where
- International
What happened
The Convention allows execution only against property in non-governmental commercial use connected to the entity sued. Its annex says art. 19 does not prejudge veil-piercing.
Why it matters
International law deliberately left alter ego to national courts. The Convention is not yet in force, and courts apply art. 19 as custom.
Sources
- UN document A/59/508Official text · treaties.un.org
Kensington v. Congo; Walker v. CongoEnglish High Court · United KingdomRare English creditor wins against a state oil company, now read with caution after Gécamines.
- Court or body
- English High Court
- Where
- United Kingdom
- Debt of
- Republic of Congo
- Citation
- [2005] EWHC 2684 (Comm) and [2005] EWHC 2813 (Comm)
What happened
The courts looked through the national oil company SNPC and its oil-sale structures, calling one scheme a wholly artificial layer between the state and its creditors.
Why it matters
Rare English creditor wins against a state oil company, now read with caution after Gécamines.
Sources
- Kensington, National ArchivesJudgment · caselaw.nationalarchives.gov.uk
- Walker, National ArchivesJudgment · caselaw.nationalarchives.gov.uk
‹ Earlier in United KingdomUK State Immunity Act 1978Later in United Kingdom ›Gécamines 2012
Bridas v. TurkmenistanU.S. Court of Appeals for the Fifth Circuit · United States“Reverse” alter ego: the state answers for its company’s debt.
- Court or body
- U.S. Court of Appeals for the Fifth Circuit
- Where
- United States
- Debt of
- Turkmenistan
- Citation
- 447 F.3d 411
- Amount
- $495M (arbitral award)
What happened
The court held Turkmenistan bound, as alter ego of its state oil company, by an arbitral award of about $495M.
Why it matters
“Reverse” alter ego: the state answers for its company’s debt.
Sources
- Opinion, JustiaJudgment · law.justia.com
‹ Earlier in United StatesDole Food 2003Later in United States ›FSIA §1610(g) 2008
Winslow v. Cameroun / SNHCour de cassation (First Civil Chamber) · FranceA French creditor win against a national oil company.
- Court or body
- Cour de cassation (First Civil Chamber)
- Where
- France
- Debt of
- Cameroon
- Citation
- No. 04-15.388
What happened
The national oil company SNH was held an emanation of Cameroon.
Why it matters
A French creditor win against a national oil company.
Sources
- Revue de droit Henri Capitant (PDF)Commentary · henricapitant.org
‹ Earlier in FranceNoga and the Sedov 2000Later in France ›Yukos attachments 2015
FSIA §1610(g) (NDAA 2008)U.S. Congress · United StatesA statutory carve-out from the presumption of separateness for one class of creditors.
- Court or body
- U.S. Congress
- Where
- United States
What happened
Holders of terrorism judgments may execute against property of a state’s agencies without overcoming Bancec.
Why it matters
A statutory carve-out from the presumption of separateness for one class of creditors.
Sources
- 28 U.S.C. §1610, Cornell LIIOfficial text · law.cornell.edu
‹ Earlier in United StatesBridas 2006Later in United States ›Walters v. ICBC 2011
Walters v. ICBCU.S. Court of Appeals for the Second Circuit · United StatesThe leading U.S. authority for Chinese SOEs.
- Court or body
- U.S. Court of Appeals for the Second Circuit
- Where
- United States
- Debt of
- China
- Citation
- 651 F.3d 280
What happened
Chinese state banks kept their separateness from the Chinese state.
Why it matters
The leading U.S. authority for Chinese SOEs.
Sources
- Opinion, CourtListenerJudgment · courtlistener.com
‹ Earlier in United StatesFSIA §1610(g) 2008Later in United States ›Argentina v. NML 2014
Sedelmayer v. RussiaSwedish Supreme Court · SwedenNordic approach: what an asset is actually used for decides, not its label.
- Court or body
- Swedish Supreme Court
- Where
- Sweden
- Debt of
- Russia
- Citation
- NJA 2011 s. 475
What happened
A Russian-owned building linked to the trade delegation but used mostly as housing was not immune from execution.
Why it matters
Nordic approach: what an asset is actually used for decides, not its label.
Exact date to be confirmed.
Sources
- NJA 2011 s. 475, lagen.nuJudgment · lagen.nu
4 From Gécamines to Crystallex 2012–2021 · 16 milestones
La Générale des Carrières et des Mines v. FG HemispherePrivy Council (Jersey) · United Kingdom, JerseyThe standard in England and the Commonwealth.
- Court or body
- Privy Council (Jersey)
- Where
- United Kingdom, Jersey
- Debt of
- DR Congo
- Citation
- [2012] UKPC 27
What happened
Reversing the Jersey courts, the Privy Council held Gécamines separate from the DRC: a “strong presumption” displaced only in “quite extreme circumstances.”
Why it matters
The standard in England and the Commonwealth.
Sources
- Judgment, Judicial Committee of the Privy CouncilJudgment · jcpc.uk
‹ Earlier in United KingdomKensington and Walker 2005Later in United Kingdom ›Prest v. Petrodel 2013
Prest v. PetrodelUK Supreme Court · United KingdomLimits the English route for reaching SOE assets.
- Court or body
- UK Supreme Court
- Where
- United Kingdom
- Citation
- [2013] UKSC 34
What happened
The court confined veil-piercing to a narrow “evasion principle.”
Why it matters
Limits the English route for reaching SOE assets.
Sources
- Note, Collas CrillLaw-firm note · collascrill.com
Republic of Argentina v. NML CapitalU.S. Supreme Court · United StatesGives creditors the evidence-gathering tool behind later alter ego cases.
- Court or body
- U.S. Supreme Court
- Where
- United States
- Debt of
- Argentina
- Citation
- 573 U.S. 134
What happened
Judgment creditors may seek discovery of a debtor state’s assets worldwide.
Why it matters
Gives creditors the evidence-gathering tool behind later alter ego cases.
Sources
- Opinion, Cornell LIIJudgment · law.cornell.edu
‹ Earlier in United StatesWalters v. ICBC 2011Later in United States ›EM v. BCRA 2015
EM Ltd v. Banco Central de la República ArgentinaU.S. Court of Appeals for the Second Circuit · United StatesFixed New York’s strict standard.
- Court or body
- U.S. Court of Appeals for the Second Circuit
- Where
- United States
- Debt of
- Argentina
- Citation
- 800 F.3d 78
What happened
Argentina’s central bank was not an alter ego: “significant and repeated control over day-to-day operations” is required.
Why it matters
Fixed New York’s strict standard.
Sources
- Opinion, midpageJudgment · app.midpage.ai
‹ Earlier in United StatesArgentina v. NML 2014Later in United States ›Bank Markazi 2016
Yukos: attachments of Russian state entities’ assetsFrench and Belgian courts · France, BelgiumThe first large campaign against Russian state entities’ assets abroad. The attachments were lifted in 2015–2017.
- Court or body
- French and Belgian courts
- Where
- France, Belgium
- Debt of
- Russia
What happened
After the $50B Yukos awards of July 2014, creditors attached assets linked to Russian state bodies, including payments owed to Roscosmos, the stake of VGTRK in Euronews and property of RIA Novosti and TASS.
Why it matters
The first large campaign against Russian state entities’ assets abroad. The attachments were lifted in 2015–2017.
Sources are press reports on individual attachments: to be confirmed.
Sources
- TASSPress report · tass.com
- MeduzaPress report · meduza.io
- arbitration.ruPress report · arbitration.ru
See the award in the sovereign awards indexHulley Enterprises, Yukos Universal and Veteran Petroleum v. Russia
‹ Earlier in FranceWinslow v. SNH 2007Later in France ›Sapin II 2016
Federal Law No. 297-FZ on jurisdictional immunitiesRussian Federation · RussiaRussia’s framework for foreign states. Russian law separates the state from its legal entities (Civil Code art. 126).
- Court or body
- Russian Federation
- Where
- Russia
What happened
Introduced restrictive immunity in Russia, a functional definition of state organs and reciprocity.
Why it matters
Russia’s framework for foreign states. Russian law separates the state from its legal entities (Civil Code art. 126).
Sources
- Federal Law No. 297-FZ, ConsultantOfficial text · consultant.ru
Bank Markazi v. PetersonU.S. Supreme Court · United StatesLegislatures can override separateness for specific assets.
- Court or body
- U.S. Supreme Court
- Where
- United States
- Debt of
- Iran
- Citation
- 578 U.S. 212
What happened
The Court upheld a statute making specific assets of Iran’s central bank available to judgment creditors.
Why it matters
Legislatures can override separateness for specific assets.
Link to be confirmed.
Sources
No link yet. Citation: 578 U.S. 212.
‹ Earlier in United StatesEM v. BCRA 2015Later in United States ›Rubin v. Iran 2018
Loi Sapin IIFrench Parliament · FranceProcedural gate for every French attachment against states and their emanations.
- Court or body
- French Parliament
- Where
- France
- Citation
- CPCE arts L.111-1-1 to L.111-1-3
What happened
Any enforcement measure against a foreign state’s property requires prior authorization by a judge.
Why it matters
Procedural gate for every French attachment against states and their emanations.
Source to be confirmed.
Sources
No link yet. Citation: CPCE arts L.111-1-1 to L.111-1-3.
‹ Earlier in FranceYukos attachments 2015Later in France ›HCAP v. HSY 2026
Stati v. Kazakhstan: the National Fund and Kashagan freezesBelgian and Dutch courts · Belgium, NetherlandsThe largest attachments of their kind. The Belgian freeze was later reduced to about $530M.
- Court or body
- Belgian and Dutch courts
- Where
- Belgium, Netherlands
- Debt of
- Kazakhstan
- Amount
- $22.6B (Kazakhstan National Fund)
What happened
About $22.6B of Kazakhstan’s National Fund assets held at BNY Mellon were frozen under a Belgian order, and $5.2B of KMG Kashagan B.V. shares held by Samruk-Kazyna were attached in the Netherlands.
Why it matters
The largest attachments of their kind. The Belgian freeze was later reduced to about $530M.
Sources
- bne IntelliNewsPress report · intellinews.com
- Dutch freeze, bilaterals.orgPress report · bilaterals.org
Rubin v. Islamic Republic of IranU.S. Supreme Court · United StatesNarrowed the statutory carve-out and endorsed the Walter Fuller factors.
- Court or body
- U.S. Supreme Court
- Where
- United States
- Debt of
- Iran
- Citation
- 583 U.S. 202
What happened
The Court held that §1610(g) removes the Bancec hurdle for terrorism creditors but does not create a free-standing exception to immunity from execution.
Why it matters
Narrowed the statutory carve-out and endorsed the Walter Fuller factors.
Sources
- Opinion, Cornell LIIJudgment · law.cornell.edu
‹ Earlier in United StatesBank Markazi 2016Later in United States ›Crystallex (D. Del.) 2018
Crystallex v. Venezuela (D. Del.)U.S. District Court for the District of Delaware · United StatesFirst step toward the CITGO sale.
- Court or body
- U.S. District Court for the District of Delaware
- Where
- United States
- Debt of
- Venezuela
What happened
The court held PDVSA to be Venezuela’s alter ego and authorized attachment of PDVSA’s shares in PDV Holding, the U.S. parent of CITGO.
Why it matters
First step toward the CITGO sale.
Sources
- Opinion, Shearman U.S. arbitration database (PDF)Judgment · us-arbitration.shearman.com
See the award in the sovereign awards indexCrystallex v. Venezuela
‹ Earlier in United StatesRubin v. Iran 2018Later in United States ›Crystallex 2019
Crystallex v. VenezuelaU.S. Court of Appeals for the Third Circuit · United StatesThe landmark creditor win under Bancec.
- Court or body
- U.S. Court of Appeals for the Third Circuit
- Where
- United States
- Debt of
- Venezuela
- Citation
- 932 F.3d 126
What happened
The Third Circuit affirmed: control, if extensive enough, is sufficient. Evidence included more than $119B transferred by PDVSA to the state in 2010–2016 and the same official serving as oil minister and PDVSA president.
Why it matters
The landmark creditor win under Bancec.
Sources
- Opinion, italawJudgment · italaw.com
See the award in the sovereign awards indexCrystallex v. Venezuela
‹ Earlier in United StatesCrystallex (D. Del.) 2018Later in United States ›Crystallex cert. denied 2020
Crystallex: certiorari deniedU.S. Supreme Court · United StatesLeft the PDVSA alter ego finding in place.
- Court or body
- U.S. Supreme Court
- Where
- United States
- Debt of
- Venezuela
- Citation
- 140 S. Ct. 2762
What happened
The Supreme Court declined to review the Third Circuit’s decision.
Why it matters
Left the PDVSA alter ego finding in place.
Sources
- Order, Case.lawJudgment · cite.case.law
See the award in the sovereign awards indexCrystallex v. Venezuela
‹ Earlier in United StatesCrystallex 2019Later in United States ›Gater v. Moldovagaz 2021
Gater Assets v. MoldovagazU.S. Court of Appeals for the Second Circuit · United StatesConfirmed New York’s strict standard.
- Court or body
- U.S. Court of Appeals for the Second Circuit
- Where
- United States
- Debt of
- Moldova
- Citation
- 2 F.4th 42
What happened
The court rejected the claim that Moldovagaz was Moldova’s alter ego.
Why it matters
Confirmed New York’s strict standard.
Sources
- Opinion, JustiaJudgment · law.justia.com
‹ Earlier in United StatesCrystallex cert. denied 2020Later in United States ›OI European Group 2023
Stati v. Kazakhstan (Brussels)Brussels Court of Appeal · BelgiumThe “real owner” route in Europe.
- Court or body
- Brussels Court of Appeal
- Where
- Belgium
- Debt of
- Kazakhstan
What happened
The court treated the National Bank’s trust arrangement as a pretense and kept about $530M of National Fund assets attached.
Why it matters
The “real owner” route in Europe.
Sources
- Note, Van Bael & BellisLaw-firm note · vbb.com
‹ Earlier in BelgiumStati freezes 2017Later in Belgium ›ENAIRE (Brussels) 2026
Stati v. KazakhstanSwedish Supreme Court · SwedenNarrowed central-bank immunity for sovereign-fund assets.
- Court or body
- Swedish Supreme Court
- Where
- Sweden
- Debt of
- Kazakhstan
- Citation
- Ö 3828-20
What happened
The National Fund’s share portfolio was “normal capital management,” not monetary policy, so it was not immune.
Why it matters
Narrowed central-bank immunity for sovereign-fund assets.
Sources
- Decision, Högsta domstolen (PDF)Judgment · domstol.se
5 The new wave 2022–present · 22 milestones
Air India v. CC/DevasQuebec Court of Appeal · CanadaCommercial SOEs keep separateness in Quebec.
- Court or body
- Quebec Court of Appeal
- Where
- Canada
- Debt of
- India
- Citation
- 2022 QCCA 1264
What happened
The seizure of Air India’s funds held by IATA was quashed: alter ego status alone is not enough without fraud, abuse of right or breach of public order.
Why it matters
Commercial SOEs keep separateness in Quebec.
Sources
- Kluwer Arbitration BlogCommentary · legalblogs.wolterskluwer.com
See the award in the sovereign awards indexCC/Devas (Mauritius) v. India
Samruk-KazynaHague Court of Appeal · NetherlandsThe immunity boomerang in action.
- Court or body
- Hague Court of Appeal
- Where
- Netherlands
- Debt of
- Kazakhstan
- Citation
- ECLI:NL:GHDHA:2022:977
What happened
The court lifted the attachment of KMG Kashagan B.V. shares, treating them as state property serving a public purpose.
Why it matters
The immunity boomerang in action.
Sources
- Judgment, italawJudgment · italaw.com
Sulu heirs v. Malaysia: Petronas subsidiariesLuxembourg courts · LuxembourgAn early test of Luxembourg as a seat of SOE holdings.
- Court or body
- Luxembourg courts
- Where
- Luxembourg
- Debt of
- Malaysia
What happened
Claimants attached Luxembourg subsidiaries of Petronas for a debt of Malaysia. The attachment was set aside in January 2023.
Why it matters
An early test of Luxembourg as a seat of SOE holdings.
Sources
- The StarPress report · thestar.com.my
OI European Group v. VenezuelaU.S. Court of Appeals for the Third Circuit · United StatesThe date of attachment decides alter ego status.
- Court or body
- U.S. Court of Appeals for the Third Circuit
- Where
- United States
- Debt of
- Venezuela
- Citation
- 73 F.4th 157
What happened
Confirmed PDVSA’s alter ego status for other creditors, assessed as of service of the writ.
Why it matters
The date of attachment decides alter ego status.
Sources
- Opinion, JustiaJudgment · law.justia.com
See the award in the sovereign awards indexOI European Group v. Venezuela
‹ Earlier in United StatesGater v. Moldovagaz 2021Later in United States ›Girard Street 2025
Samruk-KazynaSupreme Court of the Netherlands · NetherlandsDefines the immunity boomerang: proving the company is the state can make its assets immune.
- Court or body
- Supreme Court of the Netherlands
- Where
- Netherlands
- Debt of
- Kazakhstan
- Citation
- ECLI:NL:HR:2023:1281
What happened
The Supreme Court upheld the lifting of the attachment: state property is presumed immune unless the creditor shows a non-public purpose.
Why it matters
Defines the immunity boomerang: proving the company is the state can make its assets immune.
Sources
- Judgment, rechtspraak.nlJudgment · data.rechtspraak.nl
- Judgment, italawJudgment · italaw.com
‹ Earlier in NetherlandsSamruk-Kazyna (Hague) 2022Later in Netherlands ›DTEK attachment 2025
Foreign State Immunity Law takes effectPeople’s Republic of China · China and Hong KongFrames future enforcement against and by China.
- Court or body
- People’s Republic of China
- Where
- China and Hong Kong
What happened
China moved to restrictive immunity with reciprocity. The law does not address state-owned companies.
Why it matters
Frames future enforcement against and by China.
Sources
- English translation, China Law TranslateCommentary · chinalawtranslate.com
India v. CCDM HoldingsQuebec Court of Appeal · CanadaPublic-function bodies can be treated as the state itself.
- Court or body
- Quebec Court of Appeal
- Where
- Canada
- Debt of
- India
- Citation
- 2024 QCCA 1620
What happened
The Airports Authority of India was held, prima facie, an inseparable organ of India, and a $37.5M seizure of IATA funds was reinstated.
Why it matters
Public-function bodies can be treated as the state itself.
Sources
- MondaqLaw-firm note · mondaq.com
See the award in the sovereign awards indexCC/Devas (Mauritius) v. India
Zhnyva v. Gazprom groupCommercial Court of Zaporizhzhia Region · UkraineStart of the strategy “alter ego judgment in one country, enforcement where the assets are.”
- Court or body
- Commercial Court of Zaporizhzhia Region
- Where
- Ukraine
- Debt of
- Russia
What happened
In a default judgment, the court held Gazprom group companies jointly liable with Russia for war damage, treating them as Russia’s alter ego on the basis of state control.
Why it matters
Start of the strategy “alter ego judgment in one country, enforcement where the assets are.”
Source to be confirmed.
Sources
- Hague Court of Appeal, ECLI:NL:GHDHA:2026:1843, which describes the judgment (secondary)Judgment · data.rechtspraak.nl
See the award in the sovereign awards indexSyu Zhnyva v. Gazprom group
Girard Street v. PDV HoldingU.S. District Court for the Southern District of New York · United StatesAlter ego does not pass down a chain of ownership automatically.
- Court or body
- U.S. District Court for the Southern District of New York
- Where
- United States
- Debt of
- Venezuela
What happened
The court rejected the claim that PDV Holding is PDVSA’s alter ego. An appeal is pending (2d Cir. No. 25-1791).
Why it matters
Alter ego does not pass down a chain of ownership automatically.
Sources
- Note, Willkie Farr & GallagherLaw-firm note · willkie.com
See the award in the sovereign awards indexGirard Street Investment Holdings and G&A Strategic Investments v. PDVSA
‹ Earlier in United StatesOI European Group 2023Later in United States ›CITGO sale 2025
DTEK Krymenergo v. Russia: Wintershall Noordzee attachmentDutch courts · NetherlandsAttachment for a state’s debt based on alleged abuse of the SOE’s separateness.
- Court or body
- Dutch courts
- Where
- Netherlands
- Debt of
- Russia
- Amount
- $207.8M (award amount)
What happened
Holding a $207.8M award against Russia, DTEK attached the 50% stake of Gazprom International in Wintershall Noordzee B.V. under art. 435(3) of the Dutch Code of Civil Procedure.
Why it matters
Attachment for a state’s debt based on alleged abuse of the SOE’s separateness.
Sources
- Hague Court of Appeal, ECLI:NL:GHDHA:2026:181, which describes the attachment (secondary)Judgment · data.rechtspraak.nl
See the award in the sovereign awards indexDTEK Krymenergo v. Russia
‹ Earlier in NetherlandsSamruk-Kazyna 2023Later in Netherlands ›Avtodorkomplekt 2026
Court approves sale of PDV Holding (CITGO)U.S. District Court for the District of Delaware · United StatesThe first time an alter ego finding led to a court-approved sale of a state company’s main foreign asset. An appeal is pending.
- Court or body
- U.S. District Court for the District of Delaware
- Where
- United States
- Debt of
- Venezuela
- Amount
- $5.9B (sale price)
What happened
The court approved the sale of PDV Holding shares to Amber Energy, an Elliott affiliate, for about $5.9B.
Why it matters
The first time an alter ego finding led to a court-approved sale of a state company’s main foreign asset. An appeal is pending.
Sources
- Order, italawJudgment · italaw.com
See the award in the sovereign awards indexCrystallex v. Venezuela
‹ Earlier in United StatesGirard Street 2025Later in United States ›Petersen 2026
Avtodorkomplekt v. Gazprom InternationalAmsterdam Court of Appeal · NetherlandsProcedure and candor can decide these cases.
- Court or body
- Amsterdam Court of Appeal
- Where
- Netherlands
- Debt of
- Russia
- Citation
- ECLI:NL:GHAMS:2026:73
What happened
The court lifted attachments on Gazprom assets: the creditor had tried to circumvent Russia’s immunity and had not told the court of earlier setbacks.
Why it matters
Procedure and candor can decide these cases.
Sources
- Judgment, rechtspraak.nlJudgment · data.rechtspraak.nl
‹ Earlier in NetherlandsDTEK attachment 2025Later in Netherlands ›DTEK v. Russia 2026
DTEK v. Russia and Gazprom InternationalHague Court of Appeal · NetherlandsA European appellate court lets an attachment of a Russian SOE’s asset stand for a debt of Russia, pending the merits.
- Court or body
- Hague Court of Appeal
- Where
- Netherlands
- Debt of
- Russia
- Citation
- ECLI:NL:GHDHA:2026:181
What happened
The court upheld the attachment: abuse of separateness under Russian law was “quite conceivable” and the shares were commercial property. The merits are pending in the Hague District Court.
Why it matters
A European appellate court lets an attachment of a Russian SOE’s asset stand for a debt of Russia, pending the merits.
Sources
- Judgment, rechtspraak.nlJudgment · data.rechtspraak.nl
- English translation (PDF)Judgment · cisarbitration.com
See the award in the sovereign awards indexDTEK Krymenergo v. Russia
‹ Earlier in NetherlandsAvtodorkomplekt 2026Later in Netherlands ›Zhnyva (Hague) 2026
Petersen v. ArgentinaU.S. Court of Appeals for the Second Circuit · United StatesThe alter ego question over YPF and the central bank is on hold.
- Court or body
- U.S. Court of Appeals for the Second Circuit
- Where
- United States
- Debt of
- Argentina
What happened
The court reversed the $16.1B judgment over YPF and vacated the order to turn over Argentina’s YPF shares. Alter ego discovery on YPF and the central bank fell away. A certiorari petition is pending (No. 26-442).
Why it matters
The alter ego question over YPF and the central bank is on hold.
Sources
- Memo, Sullivan & CromwellLaw-firm note · sullcrom.com
See the award in the sovereign awards indexPetersen Energía Inversora and Eton Park v. Argentina
‹ Earlier in United StatesCITGO sale 2025Later in United States ›Exxon v. CIMEX 2026
Yukos Capital v. Russia: Trust ArktikugolNord-Troms og Senja District Court · NorwayThe real owner test succeeds, but protected categories still apply.
- Court or body
- Nord-Troms og Senja District Court
- Where
- Norway
- Debt of
- Russia
What happened
The court accepted that Russia is the real owner of Trust Arktikugol’s Svalbard property but refused attachment because it is protected cultural heritage. Yukos Capital announced an appeal.
Why it matters
The real owner test succeeds, but protected categories still apply.
Sources
- Case page, italawJudgment · italaw.com
- Dagens PSPress report · dagensps.se
See the award in the sovereign awards indexYukos Capital v. Russia
Zhnyva v. Gazprom InternationalHague Court of Appeal · NetherlandsOpens recognition of a foreign alter ego judgment where the assets are.
- Court or body
- Hague Court of Appeal
- Where
- Netherlands
- Debt of
- Russia
- Citation
- ECLI:NL:GHDHA:2026:1843
What happened
The court held that Russia’s immunity does not extend to Gazprom’s shares, remitted the recognition of the Ukrainian judgments and allowed interim cassation. Slavutich-Invest obtained the same result.
Why it matters
Opens recognition of a foreign alter ego judgment where the assets are.
Sources
- Judgment, rechtspraak.nlJudgment · data.rechtspraak.nl
See the award in the sovereign awards indexSyu Zhnyva v. Gazprom group
HCAP v. HSYCour de cassation (First Civil Chamber) · FranceThe current French test, with an EU-law brake.
- Court or body
- Cour de cassation (First Civil Chamber)
- Where
- France
- Debt of
- Greece
- Citation
- No. 23-10.435
What happened
The court restated the two-limb émanation test (no functional independence and assets mixed with the state’s) and set the label aside where it would compromise EU measures.
Why it matters
The current French test, with an EU-law brake.
Sources
- Judgment (PDF), Aceris LawJudgment · acerislaw.com
‹ Earlier in FranceSapin II 2016Later in France ›Al-Kharafi v. LIA 2026
Exxon Mobil v. Corporación CIMEXU.S. Supreme Court · United StatesLegislation, not alter ego, opens SOEs to suit.
- Court or body
- U.S. Supreme Court
- Where
- United States
- Debt of
- Cuba
What happened
The Court held that Title III of the Helms-Burton Act itself strips Cuban state companies of immunity, and remanded the case.
Why it matters
Legislation, not alter ego, opens SOEs to suit.
Sources
- Opinion, U.S. Supreme Court (PDF)Judgment · supremecourt.gov
‹ Earlier in United StatesPetersen 2026Later in United States ›CITGO appeal 2026
Al-Kharafi v. Libyan Investment AuthorityCour de cassation (Second Civil Chamber) · FranceNotice to the SOE itself is now a condition in France.
- Court or body
- Cour de cassation (Second Civil Chamber)
- Where
- France
- Debt of
- Libya
What happened
The court confirmed that an attachment of nearly $500M was void: the LIA itself had not been notified, and frozen funds needed Treasury authorization.
Why it matters
Notice to the SOE itself is now a condition in France.
Sources
- Note, GideLaw-firm note · gide.com
See the award in the sovereign awards indexAl-Kharafi & Sons v. Libya
Diag Human v. Czech Republic: ČEZ stakes frozenLuxembourg courts · LuxembourgA listed EU state company is targeted for its state’s debt.
- Court or body
- Luxembourg courts
- Where
- Luxembourg
- Debt of
- Czech Republic
What happened
ČEZ announced that Luxembourg courts had restrained its stakes in the holding companies of the gas network GasNet over a debt of the Czech Republic. The legal basis was not disclosed, and ČEZ is challenging the order.
Why it matters
A listed EU state company is targeted for its state’s debt.
Sources
- oEnergeticePress report · oenergetice.cz
- Radio Prague InternationalPress report · english.radio.cz
See the award in the sovereign awards indexDiag Human v. Czech Republic
Creditors of Spain v. ENAIRE (Eurocontrol payments)Brussels court · BelgiumEU law, not the alter ego test, protected the SOE.
- Court or body
- Brussels court
- Where
- Belgium
- Debt of
- Spain
What happened
A Brussels court released €75.8M of Eurocontrol payments owed to the air-navigation operator ENAIRE, on EU-law grounds rather than ENAIRE’s separateness. Other attachments remain.
Why it matters
EU law, not the alter ego test, protected the SOE.
Sources
- elEconomistaPress report · eleconomista.es
See the award in the sovereign awards indexRREEF Infrastructure v. Spain
CITGO sale appeal arguedU.S. Court of Appeals for the Third Circuit · United StatesThe next test of the leading alter ego precedent.
- Court or body
- U.S. Court of Appeals for the Third Circuit
- Where
- United States
- Debt of
- Venezuela
- Citation
- No. 25-3564
What happened
The Third Circuit heard appeals by Venezuela, PDVSA, some creditors and rival bidders against the sale order. A decision is pending.
Why it matters
The next test of the leading alter ego precedent.
Sources
- Reuters, via U.S. NewsPress report · money.usnews.com
See the award in the sovereign awards indexCrystallex v. Venezuela
No milestone matches these filters. Clear filters
The map How open the courts are to creditors of a state, as of Oct 28, 2026
Only the Netherlands is rated High for creditors. Nine are rated Medium and 10 Low. The United States: High in Delaware (Third Circuit), low in New York (Second Circuit). The United Arab Emirates: Medium in the DIFC Courts, low and untested onshore and in ADGM. The rating is our judgment of published practice on reaching SOE assets for a state’s debts, not on enforcing against the state itself.
Loading the map…
Select a country to read its profile and filter the timeline. The figure on a country is its number of milestones on the timeline. Hong Kong shares China’s profile. Hatching marks Medium and dots mark Low, so the map reads without colour.
International instruments Not on the map
All 20 jurisdictions
| Jurisdiction | Doctrine | Core test | Landmark case | Outlook |
|---|---|---|---|---|
| NetherlandsEurope · 7 milestones | Vereenzelviging and abuse of separate identity | Plausible abuse under the law of incorporation keeps an interim attachment | DTEK v. Russia (2026) | High |
| United StatesAmericas · 25 milestones | Alter ego (Bancec) | Extensive control or fraud and injustice, five factors | Crystallex (2019) | MediumHigh in Delaware (Third Circuit), low in New York (Second Circuit) |
| CanadaAmericas · 2 milestones | Agency and inseparable organ | Quebec: fraud or abuse, and public-function bodies can be the state | India v. CCDM (2024) | Medium |
| FranceEurope · 8 milestones | Émanation de l’État | No functional independence and assets mixed with the state’s | HCAP (2026) | Medium |
| BelgiumEurope · 4 milestones | Real owner and simulation | Look through sham trusts, with prior court leave | Stati v. Kazakhstan (2021) | Medium |
| LuxembourgEurope · 2 milestones | No published doctrine | Ex parte freezes, rarely reasoned in public | Diag Human / ČEZ (2026) | Medium |
| SwedenEurope · 2 milestones | Real owner | Who owns and uses the asset | Stati v. Kazakhstan (2021) | Medium |
| NorwayEurope · 1 milestone | Real owner | Who owns the asset, while protected categories still apply | Yukos Capital / Arktikugol (2026) | Medium |
| IndiaAsia-Pacific · 0 milestones | Restrictive immunity and veil-lifting | No immunity for commercial acts, and awards need no consent | KLA v. Afghanistan (2021) | Medium |
| United Arab EmiratesMiddle East · 0 milestones | Gécamines test (DIFC) | Is the entity intertwined with the state? | Fal Oil v. SEWA (2021) | MediumMedium in the DIFC Courts, low and untested onshore and in ADGM |
| United KingdomEurope · 7 milestones | Separate entity and organ of state | Only in “quite extreme circumstances” | Gécamines (2012) | Low |
| AustraliaAsia-Pacific · 0 milestones | Separate entity | Separateness presumed, with no alter ego case | Firebird v. Nauru (2015) | Low |
| SingaporeAsia-Pacific · 0 milestones | Separate entity | Caution before treating as the state, under the law of incorporation | CMC di Ravenna (2025) | Low |
| China and Hong KongAsia-Pacific · 1 milestone | Sovereign-authority entities and Crown immunity | Only entities exercising sovereign authority, and a control test in Hong Kong | TNB Fuel (2017) | Low |
| GermanyEurope · 1 milestone | Formal separateness | The registered owner is the debtor, and immunity follows purpose | NIOC (1983) | Low |
| SwitzerlandEurope · 0 milestones | Durchgriff for abuse | Apparent state assets attachable, with a Swiss connection required | NOGA v. Russia (2007) | Low |
| AustriaEurope · 0 milestones | Attribution | The title must name the debtor | Strabag v. Libya (2022) | Low |
| SpainEurope · 0 milestones | Levantamiento del velo | Abuse of personality, and the statute separates SOEs | Fotso v. Equatorial Guinea (2016) | Low |
| ItalyEurope · 0 milestones | Abuso della personalità giuridica | No reverse piercing | Cass. 20181/2022 | Low |
| RussiaRussia · 1 milestone | Statutory separation | Piercing is exceptional, and corporate links are not enough | J.P. Morgan, Supreme Court (2025) | Low |
Jurisdiction profiles Doctrine, test, gatekeepers, leading cases, latest and outlook
NetherlandsHighVereenzelviging and abuse of separate identity
Doctrine
Vereenzelviging (identification) or misbruik van identiteitsverschil (abuse of separate identity). Both are decided under the law of the company’s incorporation.
Test
Article 435(3) of the Dutch Code of Civil Procedure lets a creditor attach a third party’s assets if that party is identified with the debtor or abuses its separateness. In interim proceedings, a “quite conceivable” abuse is enough to keep an attachment.
Gatekeepers
- Immunity presumption: state property is presumed immune, so the creditor must show a non-public purpose (Hoge Raad 2020 and 2023).
- Abuse of process: courts treat attempts to circumvent immunity as abuse.
- Disclosure: creditors must tell the court about earlier setbacks.
Leading cases
- Stati v. KazakhstanShares in KMG Kashagan B.V. were attached as Samruk-Kazyna’s (ECLI:NL:GHAMS:2019:1566). The attachment was later lifted because the shares were state property for public use (ECLI:NL:HR:2023:1281).
- DTEK v. Russia and Gazprom International, ECLI:NL:GHDHA:2026:181The attachment of 50% of Wintershall Noordzee was upheld.
- Zhnyva v. Gazprom International, ECLI:NL:GHDHA:2026:1843Russia’s immunity is no bar to recognizing a Ukrainian alter ego judgment.
- Avtodorkomplekt v. Gazprom International, ECLI:NL:GHAMS:2026:73Attachments lifted for abuse of process and non-disclosure.
Latest
The DTEK merits case and the remitted Zhnyva and Slavutich recognition cases are pending in The Hague. Interim cassation is open.
Outlook
High: currently the most creditor-receptive forum in Europe.
United StatesMediumAlter ego (Bancec)
- High Delaware (Third Circuit)
- Low New York (Second Circuit)
Doctrine
Alter ego under Bancec: a strong presumption that a state-owned company is separate from the state, rebuttable in two ways. A company owned by the state only indirectly is not an “agency or instrumentality” under the FSIA at all (Dole Food v. Patrickson, 2003), so creditors must use ordinary veil-piercing against it.
Test
The presumption falls if the state controls the company so extensively that a principal–agent relationship arises, or if respecting separateness would work fraud or injustice. Courts weigh five factors from Walter Fuller, endorsed in Rubin:
- the state’s economic control
- whether profits go to the state
- whether officials manage day-to-day affairs
- whether the state is the real beneficiary
- whether separateness lets the state use U.S. courts while avoiding its obligations.
The circuits apply this differently:
- Third Circuit (Delaware): extensive control alone is enough, and status is judged as of service of the writ.
- Second Circuit (New York): requires “significant and repeated control over day-to-day operations.”
- D.C. Circuit: control must significantly exceed a normal parent’s supervision. Since 2025 it also analyzes alter ego separately for due-process purposes.
Gatekeepers
- FSIA §1610(a): state property in the United States is attachable only if used for a commercial activity there. Alter ego property is treated as the state’s own.
- FSIA §1610(b): agency property is reachable more broadly, but only for the agency’s own debts.
- FSIA §1610(c): a court order is needed before attachment.
- FSIA §1611(b)(1): central-bank property is protected even if the bank is an alter ego.
- Discovery: post-judgment discovery into the debtor state’s worldwide assets is allowed (Argentina v. NML, 2014).
- Sanctions: OFAC licenses are required to execute on blocked Venezuelan or Russian property (FAQ 808, 31 CFR §587.202).
Leading cases
- First National City Bank v. Bancec, 462 U.S. 611 (1983)
- Walter Fuller v. Philippines, 965 F.2d 1375 (5th Cir. 1992)
- Walters v. ICBC, 651 F.3d 280 (2d Cir. 2011)Chinese state banks kept their separateness.
- EM Ltd v. BCRA, 800 F.3d 78 (2d Cir. 2015)Argentina’s central bank was not an alter ego.
- Crystallex v. Venezuela, 932 F.3d 126 (3d Cir. 2019)PDVSA held to be Venezuela’s alter ego.
- Gater Assets v. Moldovagaz, 2 F.4th 42 (2d Cir. 2021)Alter ego rejected.
- OI European Group v. Venezuela, 73 F.4th 157 (3d Cir. 2023)Alter ego status assessed as of the writ.
Latest
- CITGO sale: the court approved a sale of about $5.9B to Amber Energy on November 25, 2025 (order). The Third Circuit heard the appeal on October 21, 2026.
- Girard Street v. PDVSA: the Second Circuit has yet to rule on whether PDV Holding is PDVSA’s alter ego.
- Petersen (YPF): the Second Circuit reversed the judgment on March 27, 2026. A certiorari petition is pending (No. 26-442).
- Exxon v. CIMEX: the Supreme Court held on June 23, 2026, that Helms-Burton strips Cuban SOEs of immunity. On remand, the link between CIMEX’s Panamanian affiliate and its Cuban parent is still open (SCOTUSblog).
- Havlish v. Taliban: a certiorari petition on the Afghan central bank’s reserves goes to conference on November 6, 2026 (No. 26-292).
Outlook
Medium overall: high in Delaware, low in New York.
CanadaMediumAgency and inseparable organ
Doctrine
The federal State Immunity Act separates the state from its “agency,” a legal entity that is an organ of the state but separate from it. In Quebec, courts add a civil-law veil test. A body with public functions can also be treated as the state itself, as an “inseparable organ.”
Test
Alter ego status alone does not let a creditor reach a commercial SOE. Article 317 of the Civil Code of Québec requires fraud, abuse of right or a breach of public order. A statutory body exercising sovereign functions under tight state control may be treated as the state.
Gatekeepers
- State Immunity Act ss. 2 and 12: an agency’s property is exposed only for the agency’s own debts.
- Quebec procedure: ex parte pre-judgment seizure against a foreign state is available.
- IATA: its Montreal headquarters makes airline and airport receivables a practical target.
Leading cases
- Kuwait Airways v. Iraq, 2010 SCC 40The state was liable for its own conduct in directing the SOE’s defense.
- Air India v. CC/Devas, 2022 QCCA 1264The seizure of Air India’s funds was quashed because alter ego alone is not enough.
- India v. CCDM Holdings, 2024 QCCA 1620The Airports Authority of India was held prima facie an inseparable organ of India, and a $37.5M seizure was reinstated.
Latest
The Supreme Court of Canada refused leave in both Devas matters (2023 and September 2025). We have not verified what happened to the seizure afterward.
Outlook
Medium: strict for commercial SOEs, but open to treating public-function bodies as the state.
FranceMediumÉmanation de l’État
Doctrine
Émanation de l’État: a state entity whose assets can be seized for the state’s debts.
Test
Two conditions must both be met, as restated by the Cour de cassation on June 17, 2026:
- the entity lacks, under its statutes, enough functional independence to be autonomous from the state in law and in fact
- its assets are mixed with the state’s.
State control alone has never been enough (Benvenuti & Bonfant, 1987). Since 2026 the label is also set aside if it would compromise the objectives of EU measures.
Gatekeepers
- Sapin II (CPCE arts L.111-1-1 to L.111-1-3): any measure needs prior authorization from the enforcement judge in Paris. The asset must be used for non-public purposes and connected to the entity sued. Diplomatic property needs an express and specific waiver.
- Frozen funds: prior authorization from the Treasury is required.
- Notice: the emanation itself must be notified of the attachment.
Leading cases
- Winslow v. Cameroun / SNH, Cass. 1re civ., November 14, 2007, No. 04-15.388The national oil company SNH was held an emanation.
- Rasheed Bank, Cass. 1re civ., November 3, 2021, No. 19-25.404The bank was held an emanation of Iraq.
- HCAP v. HSY, Cass. 1re civ., June 17, 2026, No. 23-10.435The Greek holding was protected by the EU-law carve-out.
- Al-Kharafi v. LIA, Cass. 2e civ., October 1, 2026The attachment was void for lack of notice to the Libyan Investment Authority and of Treasury authorization.
Latest
Commisimpex keeps attaching assets of SNPC as an emanation of the Republic of Congo. The Versailles Court of Appeal ruled on May 7, 2026 (Jus Mundi).
Outlook
Medium: the most developed doctrine in Europe, but procedure has tightened.
BelgiumMediumReal owner and simulation
Doctrine
Real owner and simulation. Courts look through sham trust or nominee arrangements to the state as true owner.
Test
Who in substance owns the asset, and does it serve a public purpose?
Gatekeepers
Article 1412quinquies of the Judicial Code requires the attachment judge’s prior authorization, plus conditions mirroring Article 19 of the UN Convention. The Constitutional Court largely upheld this in 2017 (Legal 500).
Leading cases
- Stati v. Kazakhstan, Brussels Court of Appeal, June 29, 2021The National Bank of Kazakhstan’s trust was treated as a pretense, and about $530M of the National Fund’s assets stayed attached.
- Yukos (2017)Attachments of Russian state media property fell because the awards had been annulled at the seat.
Latest
Creditors of Spain have attached Eurocontrol payments owed to the air-navigation operator ENAIRE. A Brussels court released €75.8M on October 20, 2026, on EU-law grounds (elEconomista). Other attachments remain.
Outlook
Medium.
LuxembourgMediumNo published doctrine
Doctrine
No settled doctrine has been published. Luxembourg matters as the seat of SOE holding companies.
Test
Not stated in published decisions. Attachment orders are usually granted ex parte and rarely reasoned in public.
Gatekeepers
Customary immunity applies. Luxembourg is not a party to the UN Convention but is a party to the European Convention of 1972.
Leading cases
- The Sulu heirs attached Petronas subsidiaries in 2022, and the attachment was set aside in January 2023 (The Star). The Cour de cassation quashed the Stati exequatur in 2021.
Latest
In October 2026 a court froze ČEZ’s stakes in the Luxembourg holdings of the Czech gas network GasNet over a debt of the Czech Republic to Diag Human. ČEZ is challenging the freeze (Radio Prague).
Outlook
Medium: easy to obtain a freeze, uncertain to keep it.
SwedenMediumReal owner
Doctrine
Real owner. Swedish courts do not pierce veils. They ask who actually owns an asset and what it is used for.
Test
An asset in an entity’s name belongs to the state if the entity only manages it. A central bank’s immunity covers only property with a “clear connection” to monetary policy.
Gatekeepers
Sweden is a party to the 2004 UN Convention.
Leading cases
- Sedelmayer v. Russia, NJA 2011 s. 475A Russian trade-delegation building used mostly as housing was not immune.
- Stati v. Kazakhstan, Högsta domstolen, Ö 3828-20 (November 18, 2021)The National Fund’s share portfolio was “normal capital management,” not monetary policy, so it was not immune.
- Svea Court of Appeal (January 16, 2023)The Fund’s assets belong to Kazakhstan, whatever the trust label.
Latest
Nothing new on SOEs since 2023.
Outlook
Medium: high for sovereign-fund assets held through central banks.
NorwayMediumReal owner
Doctrine
Real owner, as in Sweden.
Test
Whether the state is the true owner of property held by a state enterprise.
Gatekeepers
Norway is a party to the 2004 UN Convention and applies its protected categories, including cultural heritage, as custom.
Leading cases
- Yukos Capital v. Russia, Nord-Troms og Senja District Court (May 10, 2026)The court accepted that Russia really owns the Svalbard property of Trust Arktikugol. It still refused attachment because the property is protected cultural heritage.
Latest
- Yukos Capital has announced an appeal (Dagens PS).
- On September 2, 2026, Naftogaz had the Russian vessel Professor Molchanov arrested in Svalbard (Sysselmesteren).
Outlook
Medium.
IndiaMediumRestrictive immunity and veil-lifting
Doctrine
No Indian court has treated a foreign SOE as a foreign state’s alter ego. Three separate lines of law are relevant:
- Restrictive immunity: judge-made.
- “State” under Article 12: a domestic public-law test.
- Ordinary veil-lifting: company-law piercing.
Test
- Immunity: commercial dealings carry no immunity, even for a state airline (Ethiopian Airlines v. Ganesh Narain Saboo (2011) 8 SCC 539).
- Veil-lifting: the veil may be lifted where public policy or the enforcement of settled obligations requires it. The Delhi High Court did this in 2023 to treat Delhi Metro as an alter ego of the Indian governments (DAMEPL v. DMRC). The award was later set aside.
Gatekeepers
- CPC s.86: Central Government consent is needed to sue a foreign state or execute a decree against its property.
- Awards: no consent is needed, and an arbitration clause is an implied waiver (KLA Const. Technologies v. Embassy of Afghanistan, Delhi HC 2021).
Leading cases
- KLA ordered Afghanistan and Ethiopia to disclose their commercial assets in India, “including state-owned airlines, companies, undertakings.” This is the closest Indian step toward reaching foreign SOEs.
Latest
The DAMEPL award was set aside on curative review in April 2024. We could not verify the outcome of the appeal against KLA.
Outlook
Medium: pro-enforcement against states, but untested for foreign SOEs.
No milestone on the timeline yet.
United Arab EmiratesMediumGécamines test (DIFC)
- Medium DIFC Courts
- Low Onshore and ADGM (untested)
Doctrine
The UAE has three court systems with different answers. None has yet attached an SOE’s assets for a foreign state’s debt.
- Onshore courts: no codified state-immunity or alter ego doctrine.
- DIFC Courts: treat immunity as a common-law procedural matter and decide whether an entity is separate from its state under the Gécamines test.
- ADGM Courts: apply English common law, but have no ruling on state immunity yet.
Test
In Fal Oil v. Sharjah Electricity and Water Authority (DIFC, 2021) the court asked whether the entity is so intertwined with the state that it should be treated as the state. Constitution, control and functions all count, and none decides alone. Separate personality weighs heavily, and the authority was held separate, so it had no immunity.
Gatekeepers
- Onshore: public property of the federation or an emirate cannot be attached. This protects UAE property, not foreign states’ property.
- DIFC: immunity from execution is decided asset by asset. An express waiver “for itself and its assets” covers execution (Pearl Petroleum v. Kurdistan Regional Government, 2017). Execution outside the DIFC goes through the onshore Dubai Courts.
Leading cases
- Fal Oil and Pearl Petroleum. In ADGM, a 2025 worldwide freezing order of up to $250M in support of an LCIA award shows strong tools, but no state was involved (A17 v. B17).
Latest
No immunity ruling in 2024–2026.
Outlook
- DIFC: Medium.
- Onshore and ADGM: Low and untested.
No milestone on the timeline yet.
United KingdomLowSeparate entity and organ of state
Doctrine
Under the State Immunity Act 1978 a state-owned company is a “separate entity.” Creditors have three routes to its assets:
- Assimilation: show the company is in reality an organ of the state.
- Veil-lifting: under the narrow evasion principle in Prest v. Petrodel (2013).
- Beneficial ownership: show the state is the beneficial owner of the specific asset.
Test
Gécamines (Privy Council, 2012) sets a “strong presumption” that separate status is respected. It is displaced only in “quite extreme circumstances,” where the entity’s affairs are “so closely intertwined and confused” with the state’s that it is not distinct “for any significant purpose.” Constitutional and factual control, even sovereign functions, are not enough.
Gatekeepers
- **SIA 1978:** state property is immune from execution unless in commercial use (s.13(4)). A head of mission’s certificate is evidence of non-commercial use (s.13(5)). Central-bank property is protected regardless of use (s.14(4)).
- Third party debt orders: they reach only debts owed to the judgment debtor itself (AIG v. Kazakhstan, 2005, Continental Transfert v. Nigeria, 2009).
- ICSID awards: no immunity at registration (Spain v. Infrastructure Services, [2026] UKSC 9).
- New York Convention: ratifying it is not a waiver of immunity (CC/Devas v. India, [2026] EWCA Civ 797).
Leading cases
- Kuwait Airways v. Iraqi Airways [1995] 1 WLR 1147A separate entity is immune only for acts governmental “of their own character.”
- Kensington v. Congo [2005] EWHC 2684 (Comm) and Walker v. Congo [2005] EWHC 2813 (Comm): creditor wins against the oil company SNPC, now treated with caution.
- Gécamines v. FG Hemisphere [2012] UKPC 27The current test.
- Taurus Petroleum v. SOMO [2017] UKSC 64 and Botaş v. Tepe [2018] UKPC 31: an SOE’s assets answer for its own debts and do not share the state’s immunity.
Latest
In 2026 the courts made it easier to get a judgment against a state but not to execute against its companies. We found no reported English decision since 2012 that disregarded an SOE’s separateness in favor of the state’s creditor.
Outlook
Low.
AustraliaLowSeparate entity
Doctrine
The Foreign States Immunities Act 1985 treats a “separate entity” as distinct from the state. We found no Australian alter ego case.
Test
Separate entities are immune only for sovereign acts. Separateness is presumed, and courts enforce awards against the entity itself, not the state.
Gatekeepers
Execution is allowed only against commercial property. Bank accounts of the state were held not to be commercial property.
Leading cases
- PT Garuda Indonesia v. ACCC [2012] HCA 33No immunity for a state airline’s commercial conduct.
- Firebird v. Nauru [2015] HCA 43Nauru’s bank accounts were immune.
- Greylag Goose v. Garuda [2024] HCA 21A separate entity is immune from winding-up.
- Stantec v. Fiji Roads Authority [2025] FCA 1498The award was enforced against the entity only.
Latest
CCDM Holdings v. India [2026] HCA 9 held that ratifying the New York Convention is not a waiver of immunity.
Outlook
Low.
No milestone on the timeline yet.
SingaporeLowSeparate entity
Doctrine
Under the State Immunity Act 1979, an entity distinct from the executive organs of government and able to sue and be sued is not the state (s.16). Alter ego claims otherwise run through ordinary veil-lifting under the law of the place of incorporation.
Test
Separate personality is not decisive, but “caution is warranted” before treating such an entity as a government department (CMC di Ravenna v. Kathmandu Water, [2025] SGHC(I) 16). For veil-lifting, the question is whether the company was carrying on its controller’s business. Sole control of a bank account is not enough (Eng Teng Cheng v. Buenos Aires, [2024] SGCA 15).
Gatekeepers
- State property is immune from execution without written consent (s.15). Submitting to jurisdiction is not consent.
- The exception covers property in commercial use. Central-bank property is never treated as commercial (s.16(4)).
- An arbitration agreement removes immunity from adjudication only (s.11).
Leading cases
- Yugoimport v. Westacre [2016] SGCA 51A Serbian SOE’s funds held by its subsidiary on bare trust were garnished. The SOE was itself the debtor.
- Russia v. Veteran Petroleum [2026] SGCA(I) 5The Dutch seat-court rulings bar Russia from re-arguing immunity (issue estoppel).
- NextEra v. Spain [2026] SGHC 43Ratifying ICSID is a submission to jurisdiction.
Latest
Russia had 14 days after the September 2026 appeal ruling to raise remaining challenges to the Yukos enforcement orders. We found no Singapore case treating a foreign SOE as the state.
Outlook
Low for alter ego, high for enforcement against the state itself.
No milestone on the timeline yet.
China and Hong KongLowSovereign-authority entities and Crown immunity
Doctrine
China’s Foreign State Immunity Law (in force since January 1, 2024) adopts restrictive immunity. It covers organizations exercising sovereign authority but says nothing about SOEs. Hong Kong treats PRC state entities under Crown immunity and decides it by a control test.
Test
- Mainland: an SOE without sovereign functions is not a “foreign state.” Practitioners read this to mean an award against a state cannot be enforced against its SOEs.
- Hong Kong: asks whether the entity has independent powers and how far the central government controls it. In TNB Fuel v. China National Coal [2017] HKCFI 1016 a commercial SOE was denied immunity and a charging order was made over its shares.
Gatekeepers
- FSIL arts 13–15: execution only on an express waiver, on earmarked property, or on commercial property in China connected to the case. Central-bank and diplomatic property are protected.
- FSIL art 21: reciprocity.
- Supreme People’s Court notice of March 2025: such cases are channeled to 31 designated courts.
- Hong Kong: DRC v. FG Hemisphere (2011) applied absolute immunity, so a creditor could not reach sums Chinese SOEs owed to the DRC.
Leading cases
- The cases that matter for Chinese SOEs are American: Walters v. ICBC (2011) and In re Chinese Drywall (2016) upheld the separateness of Chinese state banks and holdings.
Latest
- No reported decision yet applies the FSIL.
- Hong Kong courts have not yet said how the shift to restrictive immunity applies there.
- A Wuhan claim against Missouri (filed April 2025) tests reciprocity.
Outlook
Low.
GermanyLowFormal separateness
Doctrine
Formal separateness: the account holder or registered owner is the debtor. We found no German decision since 2010 piercing from a state to its SOE.
Test
Immunity follows the purpose of the asset, not the legal form of the holder.
Gatekeepers
Customary international law applies through Article 25 of the Basic Law, and Germany is a party to the European Convention of 1972.
Leading cases
- NIOC, BVerfGE 64, 1 (1983)International law does not require treating an SOE’s accounts as the state’s.
- BGH VII ZB 37/08 (2009)Rent from the Russian House of Science and Culture is immune.
- BGH VII ZB 63/12 (2013)Mongolian central-bank reserves are immune.
Latest
Nothing reported on SOE alter ego.
Outlook
Low.
SwitzerlandLowDurchgriff for abuse
Doctrine
Separate personality is respected. Durchgriff (piercing) is allowed only for abuse.
Test
Assets that appear to belong to the state can be provisionally attached, with ownership left to a third-party claim procedure (NOGA v. Russia, BGE 134 III 122). Three conditions apply: the claim arises from commercial activity, it has a sufficient Swiss connection, and the asset does not serve sovereign purposes.
Gatekeepers
The Swiss-connection requirement (Binnenbeziehung) applies even to New York Convention awards (BGE 144 III 411). Sanctions can also defeat an attachment.
Leading cases
- Banque Centrale de Turquie v. Weston, BGE 104 Ia 367 (1978)No legal identity between a central bank and its state.
- NOGA v. Russia (2007)Air-navigation fees owed to a Russian federal enterprise were attached.
Latest
In January 2026 the Federal Supreme Court lifted an attachment obtained by a creditor 41% controlled by a sanctioned Russian entity (Lalive).
Outlook
Low.
No milestone on the timeline yet.
AustriaLowAttribution
Doctrine
In Austria Durchgriff means piercing upward, from the company to its owners. There is no rule for reaching a company’s assets for its owner’s debts. Whether a state entity’s conduct counts as the state’s is a separate question of attribution.
Test
Execution runs only against the person named in the enforcement title (OGH 3 Ob 47/00h, 2000). In 2022 the Supreme Court noted that Libyan agencies have their own legal personality. Their conduct is attributable to Libya only under the state’s effective control or authorization (Strabag v. Libya, OGH 3 Ob 80/22v).
Gatekeepers
- There is no immunity statute, and customary law applies.
- Where immunity is doubtful, the court asks the Justice Ministry for a declaration, which is not binding.
- Enforcement against immune persons runs through the ministries (§31 EO).
- Austria is a party to the 2004 UN Convention and the 1972 European Convention.
Leading cases
- OGH 3 Ob 18/12m (2012, Diag Human)State-owned artworks are immune only if put to sovereign use.
- OGH 3 Ob 38/86 (1986)The creditor must prove an embassy account is used purely for private-law purposes.
Latest
In Naftogaz v. Russia a Vienna court authorized execution against more than 20 properties registered to Russia itself, worth over €120M (ORF). An appeal court upheld this on March 31, 2026, leaving immunity to be tested property by property. This is not an alter ego case.
Outlook
Low for SOE assets, though a good venue for property held by the state itself.
No milestone on the timeline yet.
SpainLowLevantamiento del velo
Doctrine
Levantamiento del velo (veil-lifting). Spain’s immunity statute treats state agencies as “the State” only when they exercise sovereign authority. A state company with its own personality is not the state in commercial claims.
Test
Veil-lifting is exceptional and subsidiary. The creditor must prove abuse of personality, such as undercapitalization, confusion of assets, external direction or fraud (STS 673/2021).
Gatekeepers
Under Ley Orgánica 16/2015:
- execution requires consent, or property in Spain used for non-public purposes that has a “nexus” with the state sued (art. 17)
- central-bank and embassy assets and state ships are protected (art. 20)
- the Foreign Ministry gives a non-binding report.
There is no prior-authorization regime.
Leading cases
- In Fotso v. Equatorial Guinea, the Madrid High Court recognized an OHADA award in 2016. A Madrid court then ordered the attachment of a Boeing 777 of the state airline Ceiba, on the basis that the government owned it (OHADA). The order gave no reasoned alter ego analysis, and the aircraft was never seized.
Latest
In February 2026 the Madrid High Court recognized a $33.7M ICC award against PDVSA and its affiliate CVP, with the SOEs themselves as debtors (CGPJ).
Outlook
Low: the most open of the three southern European jurisdictions, but with no appellate authority.
No milestone on the timeline yet.
ItalyLowAbuso della personalità giuridica
Doctrine
Abuso della personalità giuridica (abuse of legal personality). It lets a company’s creditors reach its controlling shareholder, not the other way round.
Test
A shareholder’s personal creditors cannot reach the company’s assets through this doctrine (Cass. ord. 20181/2022). By analogy, this blocks a state’s creditors from reaching SOE assets.
Gatekeepers
- Italy is a party to the 2004 UN Convention (Law 5/2013).
- Since 1992 no ministerial authorization is needed.
- A head of mission’s declaration creates a presumption that embassy accounts serve public purposes (DL 132/2014, art. 19-bis).
- Since 2024, foreign central-bank reserves at the Banca d’Italia cannot be attached (DL 92/2024, art. 11).
Leading cases
- Libya v. Rossbeton (Cass. SU 2502/1989) concerned the attachment of a Libyan state airline’s aircraft. The Court held that only assets used for sovereign functions are immune. We could not access its reasoning on separate personality.
Latest
- Parliament has twice blocked enforcement against foreign states: the 2022 fund for victims of Nazi-era crimes, upheld by the Constitutional Court in 2023 (Corte cost. 159/2023), and the 2024 central-bank rule.
- Germany v. Italy remains pending at the ICJ.
Outlook
Low.
No milestone on the timeline yet.
RussiaLowStatutory separation
Doctrine
Statutory separation. Under Article 126 of the Civil Code, the state does not answer for the entities it creates, and they do not answer for the state, unless a law says otherwise. Veil-piercing (снятие корпоративной вуали) exists, but only as an exception.
Test
- Plenum of the Supreme Court: subsidiary liability of a controlling person is an “exceptional mechanism” (Resolution No. 53 of December 21, 2017).
- Economic Disputes Chamber (October 8, 2025, No. 305-ЭС24-22418): “mere corporate links” are not enough (commentary).
- Foreign SOEs: we found no Russian case treating one as its state’s alter ego. On these rules, a Russian court would likely refuse.
Gatekeepers
Federal Law No. 297-FZ of November 3, 2015 provides:
- restrictive immunity
- a functional definition: an organization counts as the state only when it actually exercises sovereign authority (art. 2)
- reciprocity (art. 4)
- rules on enforcement measures (arts. 14–16).
Articles 248.1 and 248.2 of the Arbitrazh Procedure Code give Russian courts exclusive jurisdiction over disputes involving sanctioned persons and allow anti-suit injunctions. For example, a 2024 injunction barred Uniper’s arbitration against Gazprom Export on pain of a €14.3B penalty (A56-16212/2024).
Leading cases
- Russia matters here mostly as the debtor state. Dutch courts apply Russian law to decide whether Gazprom International abuses its separateness (DTEK, 2026). That makes Russian veil-piercing case law evidence in foreign courts.
Latest
- In the Netherlands, the DTEK merits case and the remitted Zhnyva and Slavutich cases are pending against Russian SOE assets.
- In Norway, Yukos Capital’s appeal over Trust Arktikugol property is pending.
Outlook
Low in Russian courts. Russian SOEs abroad face the risk under the law of each forum, as the Dutch cases show.
Cases to watch 10 pending
-
OFAC General License 5Z takes effectU.S. Treasury (OFAC)Transactions in PDVSA 2020 bonds become authorized, a condition for closing the CITGO sale Docket or source
-
Havlish v. Taliban, No. 26-292U.S. Supreme Court (conference)Whether to review the Second Circuit’s ruling on Afghanistan’s central-bank reserves Docket or source
-
Petersen v. Argentina, No. 26-442U.S. Supreme CourtResponses due on the petition to reinstate the $16.1B judgment Docket or sourceOn the timelineThe award
-
Missouri v. People’s Republic of ChinaU.S. District Court for the Eastern District of MissouriReply briefs on the motion to vacate the $24.5B default judgment The award
-
Date not set
Crystallex / CITGO sale appeal, No. 25-3564U.S. Court of Appeals for the Third CircuitWhether the $5.9B sale of PDV Holding stands On the timeline
-
Date not set
Girard Street v. PDV Holding, No. 25-1791U.S. Court of Appeals for the Second CircuitWhether PDV Holding is PDVSA’s alter ego Docket or sourceOn the timeline
-
Date not set
DTEK v. Russia and Gazprom International (merits)Hague District CourtWhether Gazprom International answers for Russia’s debt (abuse of separateness under Russian law) On the timeline
-
Date not set
Zhnyva and Slavutich-Invest v. Gazprom InternationalHague District Court and Supreme Court of the NetherlandsRecognition of the Ukrainian alter ego judgments, and a possible interim cassation On the timeline
- Date not set
-
Date not set
Yukos Capital v. Russia (Trust Arktikugol)Norwegian Court of AppealAppeal on the Svalbard property On the timeline
How this was built As of Nov 4, 2026
- What counts as a milestone
- A court decision, statute, treaty, lawsuit, attachment or sale that changed, tested or illustrated whether a state’s creditors can reach a state-owned company’s assets. The timeline is a selection, not every case.
- How outcomes are classified
- “Widened creditors’ reach” and “Protected state companies” describe the result of the event for creditors of the state, not the merits. Laws, treaties and mixed results sit on the axis, and pending matters on the axis as hollow markers.
- How jurisdictions are rated
- High, Medium or Low is our editorial judgment of published practice on reaching SOE assets for a state’s debts, not on enforcing against the state itself. It is not a prediction for any case. The profiles are as of Oct 28, 2026.
- Sources
- Each entry links to the judgment, statute or official text where available, otherwise to a law-firm note, commentary or press report, marked as such. Where only a citation is known, the entry gives the citation and says so. Status as of the date above.
- Dates
- A date is as precise as the record: a day, a month or a year. Milestones dated by month or year are placed at the start of the period.
- To be confirmed
- Entries whose date or source is still to be confirmed say so in their card. Compiled from Buzko Legal research and checked by hand, without automated monitoring.
Spotted an error? Tell usUncollected awards against statesThe TopDisputes index
Questions and answers
What is the alter ego doctrine?
Courts presume that a state-owned company is separate from the state. Alter ego is the family of exceptions: identification, abuse and real owner (see the three tests).
Can a creditor of a state seize the assets of the state’s oil company?
Only exceptionally. In the United States the creditor must show extensive control or fraud or injustice (Bancec, 1983), and PDVSA was held Venezuela’s alter ego in Crystallex (2019). In England, separateness is displaced only in “quite extreme circumstances” (Gécamines, 2012).
Which courts are most open to these claims?
On published practice, the Netherlands and the U.S. Third Circuit (Delaware). The least open are England, Germany, Switzerland and most Asia-Pacific courts. See the map.
What is the immunity boomerang?
The more a creditor proves that a company is the state, the more likely a court is to give the company’s assets the state’s immunity from execution. The Supreme Court of the Netherlands applied it in Samruk-Kazyna (2023).
Are central-bank assets ever reachable?
Rarely. They are protected by statute in the United States (FSIA §1611), the United Kingdom (SIA s.14(4)) and elsewhere, even where the bank is an alter ego. Exceptions come from specific legislation (Bank Markazi v. Peterson, 2016).
How current is this page?
The milestones and the cases to watch are as of the date at the top of the page, and the jurisdiction profiles as of the date under the map. The cases to watch show what is pending.
Disclaimer
This page is for information only. It is not legal advice and does not predict the outcome of any case. Ratings are editorial judgments. Tell us if you find an error.