In November 2021, Marks & Sokolov obtained a significant victory in the Supreme Court of the State of New York on behalf of a leading Russian bank, demonstrating that Russian court judgments can be recognized in the U.S.
In PJSC National Bank Trust v. Natalia Pirogova, the court granted motion for summary judgment filed by Marks & Sokolov on behalf of National Bank Trust to recognize three judgments obtained by the bank in Russia. Trust Bank thus got an opportunity to enforce against the assets of its debtor located in the U.S. [Read more]
The debtor appealed the judgement arguing that the Russian judgements were not enforceable where rendered (i.e. in Russia), the parties filed conflicting expert opinions on Russian law, the documents provided by the bank were improperly certified, as well as comity and sanctions imposed on Russian banks should prevent recognition of Russian judgements.
In May 2023 the appellate court unanimously dismissed the appeal.
The court noted that the bank established its prima facie entitlement to summary judgment in lieu of complaint by submitting affirmations establishing that the copies of the Russian judgments were authentic. In addition, the appellate court found that the record was adequate to allow for construction of the applicable Russian law without a testimonial hearing. The court determined that the bank successfully proved Russian judgements being final, conclusive, and enforceable when rendered.
The appellate court also confirmed the applicability of the interest at the New York statutory 9% rate for the period between the issuance of the Russian judgments and their recognition. The court found unavailing the debtor’s arguments related to sanctions.