MIAMI, FL—Recently a D.C. Circuit panel upheld a lower court’s ruling ordering the Republic of Moldova to pay a $42.6 million arbitration award to a Ukrainian energy company, finding the lower court correctly refused to halt enforcement of the award despite ongoing parallel litigation in Europe.
Tiffany Comprés, a Miami-based lawyer with Fisher Broyles, LLP represented Stileks (who acquired the claim in the matter)
Background: The judicial proceedings began in 2010 when Moldova allegedly failed to pay its energy bills to neighboring Ukraine’s Energoalliance. Stileks subsequently acquired the claim against Moldova and sought repayment via arbitration under the Energy Charter Treaty (“ECT”). The arbitration tribunal, seated in Paris, found in October 2013 that Moldova breached its obligations under the ECT and awarded damages to Stileks.
The case is LLC SPC Stileks v. The Republic of Moldova, case number 21-7141, in the U.S. Court of Appeals for the District of Columbia Circuit.