For the fifth time since 2016, one of the parties in this long-running litigation to confirm an arbitral award of over $50,000,000,000 against respondent, the Russian Federation, seeks to stay this litigation pending resolution in the Netherlands of set-aside proceedings, which were initiated almost eight years ago and are now on remand from the Dutch Supreme Court before the Amsterdam Court of Appeal. The most recent stay lapsed in November 2021 with the resolution of proceedings in the Dutch Supreme Court. See Order (Nov. 20, 2020) ("2020 Stay Order"), ECF No. 193; Min. Order (Dec. 2, 2021). As in 2020, when this Court last entered a stay order, the Russian Federation is again the party seeking the stay, in this instance until the conclusion of remand proceedings ongoing since January 2022 in the Amsterdam Court of Appeal. Resp't's Mot. to Extend Stay of Litigation ("Resp't's Mot."), ECF No. 201; Resp't's Mem. Supp. of Mot. to Extend Stay ("Resp't's Mem."), ECF No. 201-1; see also Resp't's Mot. to Stay, ECF No. 179 (June 2020 request for stay).
In sum, the interest in judicial economy and relative hardships to the parties, assessed through the lens of the first two Europcar factors in accordance with the D.C. Circuit's recent guidance in Stileks, 985 F.3d at 880-881, do not favor a stay. The delay in this case has already been substantial: the arbitration underlying this litigation was initiated almost two decades ago and the Dutch set-aside proceedings that started in 2014 have yet to be resolved eight years later, with no evident resolution in the horizon. Eight years after their initiation, with the economic response to war in Ukraine increasingly compromising the Shareholders' ability to access Russian Federation assets in the United States in the event of succeeding in this action, the confirmation proceedings in this forum must proceed.
Date: April 13, 2022
Already registered ?