Clifford Chance, Setterwalls and Jones Day successfully defend arbitral award in Stockholm

Clifford Chance, Setterwalls and Jones Day have successfully defended a one billion US dollar arbitral award in the Svea Court of Appeal, Stockholm.

On Friday, 18 December 2009, the Svea Court of Appeal in Stockholm has delivered a judgement which signifies the end of an attack mounted by the US company Globe Nuclear Services and Supply (GNSS) since 2003 against its former owner, the Russian state-owned uranium corporation Techsnabexport (Tenex).

In an international arbitral award, rendered in Stockholm more than two years ago, GNSS’s significant claim for damages at an amount of one billion dollars was dismissed.

The arbitration concerned a contract within the framework of the Megatons to Megawatts Program between Russia and the United States of America which aims at down-blending the highly enriched weapons-grade uranium in Russian nuclear warheads to low-enriched uranium for use as fuel in civilian power plants in the US.

Under this program, through its then subsidiary GNSS, Tenex delivered natural uranium component of low-enriched uranium to US power plants. When Tenex discontinued the co-operation with GNSS as ordered by the Russian Government, GNSS commenced arbitration and claimed damages at an amount of one billion dollars.

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