In the context of an application to register and enforce a Russian judgment, pursuant to the terms of the bilateral treaty, existing between the Republic of Cyprus and Russia, our firm succeeded to obtain various ex parte injunctions, in aid of execution, as well as the ex parte appointment, of an interim receiver, in aid of execution of Russian judgments, amounting to USD 45 million, against the Russian judgment debtor, who appears to be the beneficial owner of a sophisticated and complex network of Cypriot and BVI companies, holding shares in Russian Real Estate Companies, whose ultimate register owner was a Jersey Foundation.
The judgment debtor as per the Russian judgments, appeared in the incorporation documents of the Jersey Foundation, as the beneficiary.
The Cyprus Court appointed the interim receiver in aid of equitable execution of the Russian judgments, on the ground that legal execution of same, against the judgment debtor in Russia, could not be effected, because Russian law does not recognize the concept of “beneficial ownership”.
Under Cyprus law, interim relief is available on the following instances:
(i) In the context of an action on the merits (claim or counter-claim), pending before Cyprus Courts.
(ii) On the basis of Article 31 of the EU Regulation 44/2001, in aid and/or in support, of an action, pending before courts of any Member State of EU, except Denmark.
(iii) On the basis of Article 9 of the UNCITRAL MODEL LAW, On International Commercial Arbitration, in aid and/or in support, of an arbitral claim, which is about to commence or is pending, either in Cyprus, or overseas.
(iv) In the context of proceedings, for recognition, enforcement and registration of foreign Court judgments in Cyprus, either pursuant to bilateral treaties or at common law; and
(v) In the context of proceedings for recognition, enforcement and registration of foreign arbitral awards, in Cyprus pursuant to the provision of the New York Convention.
For further information on this topic please contact Mr. Soteris Pittas at SOTERIS PITTAS & CO LLC, by telephone (+357 25 028460) or by fax (+357 25 028461) or by e-mail (firstname.lastname@example.org).
The statements contained in this publication are not legal opinions and readers should not act on the basis of such statements without first consulting a lawyer.