What happened
In 2024, ANO TV-Novosti won an arbitration at the ICAC at the Russian Chamber of Commerce and Industry against a U.S. media company. After obtaining the award, the claimant assigned the claim to a UAE company, and sanctions were then imposed on the claimant. Although the former creditor was under sanctions, the U.S. District Court for the District of Columbia recognized and enforced the ICAC award on the application of the UAE company.
Why it is notable
A rare case of recognition and enforcement of a Russian arbitral award issued after 2022, against the background of sanctions on Russia and Russian persons and with an indirect sanctions element.