Russian oligarchs head to London
Here is an interesting article about the increasing presence of Russian oligarchs in London Courts. According to the article, London has become the preferred jurisdiction for big business disputes coming out of Russia and other former Soviet Union countries, because local judicial systems lack the experience and the independence to fairly adjudicate disputes.
More than half of cases in the British High Court commercial division involve clients from Russia and elsewhere in the former Soviet Union, and a third of all cases at the London Court of International Arbitration involve a Russian-speaking party.
“The cases are always interesting — great characters, and often dramatic allegations. It’s never boring,” said Rupert D’Cruz, secretary of the Russian-British Law Association, who heads the Littleton Chambers CIS Dispute Resolution. Experts point out that the cases are complex, involving oral contracts, networks of close family and friends and webs of offshore businesses, and that they represent a multi-billion dollar industry. The average legal fees run several million dollars per case, and the number of cases has been growing.
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