Outline Chambers Briefings | International Legal News
21 September 2026
Each week, Outline Chambers provides a concise overview of key developments across international law, arbitration and global governance.
This week, challenges to EU rules in the Euroclear dispute, a major US enforcement decision concerning an arbitral award against Georgia, a new ICSID case against Argentina, and fresh sanctions developments involving Iran, Russia and the UK, alongside important US appellate developments concerning international arbitration and sovereign immunity.
Bank of Russia challenges EU rules in Euroclear dispute
The Bank of Russia has brought a challenge before the EU General Court against an EU regulation that allows EU courts and member states to disregard certain judgments obtained in Russian courts.
The case raises significant issues around cross-border enforcement, frozen Russian assets, sovereign claims and the relationship between EU sanctions policy and national court judgments. (Reuters)
US court confirms approximately $350m arbitral award against Georgia
The US District Court for the District of Columbia has granted Enka Renewables' application to enforce an international arbitral award against Georgia, worth approximately $350 million plus interest, under the New York Convention.
Georgia has said it will appeal, while parallel annulment proceedings are pending in France, making this a useful case study in international enforcement, annulment and parallel proceedings. (Justia Law)
New ICSID arbitration launched by Petersen companies against Argentina
ICSID registered a new investment arbitration, Petersen Energía S.A.U. and Petersen Energía Inversora S.A.U. v Argentine Republic (ARB/26/38), on 15 September 2026 under the Spain-Argentina BIT.
The dispute concerns the oil and gas sector and is particularly relevant in light of the long-running YPF litigation and the interaction between investment arbitration and domestic court proceedings.
US sanctions Iranian crypto infrastructure linked to sanctions evasion
On 17 September, OFAC designated Iranian cryptocurrency exchange BitBank, its developer and three individuals, describing them as components of Iran's digital-assets-based sanctions-evasion infrastructure.
The action is particularly relevant to the growing intersection of sanctions, crypto-assets, AML, financial crime and the extraterritorial reach of US enforcement. (U.S. Department of the Treasury)
Ninth Circuit reopens Laos arbitration enforcement proceedings
The US Court of Appeals for the Ninth Circuit has partially reversed the dismissal of a petition brought by the Government of Laos under the New York Convention concerning enforcement of international arbitral awards.
The judgment raises important questions concerning foreign states, jurisdiction, arbitration enforcement and sovereign immunity. (Justia Law)
US sanctions Russia's VTB Bank over alleged Iran sanctions evasion
On 14 September, OFAC designated VTB Bank in connection with alleged assistance to Iran in evading US sanctions, including relationships with sanctioned Iranian banks and the creation of financial channels supporting bilateral trade.
The measure is relevant to international financial institutions because it illustrates the growing exposure of third-country banks and counterparties to sanctions-enforcement risk. (OFAC)
UK moves towards doubling maximum OFSI sanctions penalties
The UK Government's current sanctions-enforcement framework provides for the planned increase of OFSI's maximum financial sansctions penalty from the greater of £1 million or 50% of the breach value to the greater of £2 million or 100% of the breach value.
The legislative change is part of a broader effort to strengthen UK sanctions enforcement and deterrence. (GOV.UK)
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