28 WWW.LAWYER-MONTHLY.COM | MAY 2022 Russia’s illegal and catastrophic invasion of Ukraine has led to further sanctions and businesses winding down their operations in Russia. Whilst Russian businesses are considering arbitration and other measures against foreign counterparts who cease performance of their contractual obligations (both in Russia and abroad), foreign companies are equally considering investment treaty arbitration and commercial arbitration against Russia and Russian state entities, including in respect of an impending sovereign default. Sanctions and potential arbitration claims by Russian-owned businesses As the EU considers a ban on energy imports from Russia amid calls to more generally reduce dependence on Russian energy As discussed elsewhere in this edition, the Russian invasion of Ukraine has led to a seismic shift in business relations as foreign companies in Russia seek to distance themselves from the nation. The still-developing situation is ripe for disputes disputes, bearing similarities in some cases to force majeure claims brought during the COVID-19 pandemic. Arbitration and disputes specialist Tomas Vail expands on the event below. Arbitration, Russian Sanctions and the Spectre of Sovereign Default Tomas Vail Founder Vail Dispute Resolution 7 Bell Yard, London, WC2A 2JR Tel: +44 07809 512616 | +1 646 450 8245 E: tomas@vail-dr.com www.vail-dr.com Tomas Vail is recognised as both a leading arbitration practitioner and a leading practitioner of investor-state arbitration. Prior to founding VDR, Tomas spent a decade working in international arbitration groups at both White & Case and Freshfields Bruckhaus Deringer. He regularly represents both states and investors in investment treaty arbitration proceedings under the ICSID and UNCITRAL rules and is a native speaker in both English and Russian, in addition to being fluent in French. ARBITRATION, RUSSIAN SANCTIONS AND THE SPECTRE OF SOVEREIGN DEFAULT
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