VERBA LEGAL secured a victory in HKIAC arbitration in field of oil trading disputes for an amount exceeding 100 million USD

The International Arbitration and Cross-Border Disputes team at VERBA LEGAL represented the interests of a foreign oil trader in arbitration administered by the Hong Kong International Arbitration Centre (HKIAC) concerning a dispute with a Turkish counterparty over oil deliveries to India.

The claim amount exceeded USD 100 million, with the complexity of the case stemming from a multi-tiered contractual structure that included a series of interconnected transactions and agreements between parties across various jurisdictions.

As a result, the HKIAC tribunal fully satisfied the client’s claims.

Tatiana Neveeva, Managing Partner at VERBA LEGAL, noted:
"Currently, we have fewer cases under 'old' arbitration clauses in favor of ICC, SCC, and LCIA. At the same time, disputes are emerging under new contracts concluded over the past few years, where parties choose neutral forums — HKIAC and DIAC. Such disputes are expected to be a trend in the coming years."

The project was led by VERBA LEGAL Managing Partner Tatiana Neveeva. The team included Counsel Evgeny Mishin, Senior Associate Pavel Mingaleev, Associate Evgeny Gasparyan, and Junior Associates Veronika Kopeykina and Sofya Medyanik.