On June 18, 2020, the Hague Tribunal made a ruling based on the hearings held last November in Paris.
The tribunal acknowledged that Mr Pugachev’s status as a legal citizen of France, allows him to rely on the protection of investor rights provided by the Bilateral Investment Treaty between France and Russia, but, nevertheless, this award did not completely suit Mr. Pugachev and on November 2, 2020, his lawyers filed an appeal with the TRIBUNAL SUPERIOR DE JUSTICIA DE MADRID.
Given that two arbitrators from the Tribunal panel refused to rule on the part concerning the claim, Mr. Pugachev’s lawyers believe that the award of June 18, 2020 is incomplete and should be amended.
Since, under the procedural terms of the Tribunal, the city of Madrid was designated as the place of arbitration, the appeal was filed with the Spanish court – TRIBUNAL SUPERIOR DE JUSTICIA DE MADRID.
An appeal date will be set shortly.