Today the UK Supreme Court issued a ruling rejecting VTB’s claim against Mr Malofeev and companies under his control as the case is outside British jurisdiction. At the same time, the court acknowledged that if English law were applicable, VTB would have “a real prospect of succeeding against the respondents on the merits” (para. 188 of the ruling). Following the rulings of lower courts, the UK Supreme Court affirmed that VTB has solid grounds for filing a claim on charges of fraud.
VTB will continue defending its interests in all possible jurisdictions. It is currently reviewing the possibility of filing new claims against Mr Malofeev and his companies engaged in fraud with due account of the conclusions of the British court system.
As for his frozen assets, the rulings of courts in Cyprus, the British Virgin Islands and the restrictions imposed on his assets by the court of the Cayman Islands still remain valid.