Case Nos: CA-2024-002667 and CA-2025-000223 - [2025] EWCA Civ 951

The main issues on the appeals

Mr Vesnin appeals the Morgan Judgment on the basis that the Johnson Judgment created an issue estoppel, binding Q&M, to the effect that if any person gave a timely notification that it wished to argue for any reason that the Undertaking should not be released, any underlying issue that had been raised had to be finally determined in the Part 7 Claim before the Undertaking could be released.

Alternatively, Mr Vesnin contends that Mr James Morgan KC’s interpretation of the Tomlin Order to the effect that the Undertaking could be released after Mr Vesnin had been given the opportunity to make a claim to the Eurasia Shares and/or the Replacement Eurasia Share Certificates and to apply for interim relief, was in any event incorrect.

Alternatively, Mr Vesnin contends that the proceedings before Mr James Morgan KC were procedurally unfair. Mr Vesnin contends that his legal representatives were not told of the Johnson Judgment or able to read some of the materials in the bundle that had been before Adam Johnson J until after argument had concluded on 7 November 2024, and they were unable to address oral argument on such matters before judgment was given on the morning of 8 November 2024. Mr Vesnin contends that some of those materials setting out Eurasia’s concerns arising from the conduct of Q&M that led to the commencement of the Part 7 Claim were admissible background to the interpretation of the Tomlin Order.

Q&M appeal the Standing Judgment with permission granted by Asplin LJ on 11 March 2025 on four grounds, the main one of which was that Chief ICC Judge Briggs was wrong to conclude that Q&M had no standing to oppose an order recognising the Russian bankruptcy in circumstances in which Mr Vesnin had named Q&M as respondents to the Bankruptcy Application which sought both recognition and assistance from the English court. Q&M also appeal the judge’s decision to dismiss their application for security for costs of the Bankruptcy Application, to dismiss their Jurisdiction Challenge, and to award costs against them in the Costs Judgment.