Judge Cockerill’s verdict tilted in favor of the investors, represented by Hulley Enterprises Ltd., Veteran Petroleum Ltd., and Yukos Universal Ltd. She ruled that Russia’s attempt to rehash arguments about state immunity, previously rejected in Dutch courts, was invalid.
A Momentous Precedent
In a legal twist that added an element of perplexity to the case, Judge Cockerill invoked the Civil Jurisdiction and Judgments Act 1982. This act allows foreign rulings on state immunity to be enforced in England if the same decision would have been reached in the local jurisdiction.
The judge emphasized, “It follows that I conclude that there is no reason why, if the relevant hurdles are cleared, there cannot be an issue estoppel arising out of a foreign judgment against a state, just as there can be against an ordinary company or individual.”
The Dutch Decisions
The investors had previously contended that Russia, as per Dutch rulings, had submitted to arbitration. This crucial point served as a barrier to Russia’s re-argumentation in the High Court.
