Businesses or individuals who are about to file for litigation in Russia and CIS need to understand the specific challenges and regional differences. This will enable you to maximise the outcome of your dispute resolution.
International disputes and asset recovery in Russia and CIS can pose many challenges due to the legal, regulatory and cultural landscape of the region. Whilst the number of commercial disputes seems to be growing gradually, it is difficult to fully understand the number of disputes taking place as most are resolved in arbitration.
Regarding asset recovery, one of the developments deemed to have a particular impact is litigation funding. Insolvency Partner Michael Leeds, commented: "This has enabled claimants to coordinate litigation in multiple jurisdictions and the involvement of funders in this area can increase the prospects of a successful recovery. This can be advantageous when the value of many disputes in the region is substantial, many being in the brackets of hundreds of millions to even billions."
Michael advises: "You must always think about what you are trying to achieve while going through this process, which is usually a financial recovery. Having a piece of paper in the form of a judgement in your favour is pointless until it can actually be converted into cash."
Michael Leeds contributed to a roundtable discussion on international disputes and asset recovery in Russia and CIS for Corporate Disputes Magazine April-June Edition. Read more on his views here. [ 2293 kb ]