Cases & Deals

LUKOIL wins arbitration under UNCITRAL rules involving licensing rights to diamond mine in Russia worth $8 billion

Client(s) LUKOIL

Jones Day represented Arkhangelskoe Geologodobychnoe Predpriyatie ("AGD"), a subsidiary of LUKOIL, a Russian conglomerate, in an arbitration in Stockholm, under UNCITRAL rules, brought by Archangel Diamond Corporation ("ADC"), a subsidiary of DeBeers. The dispute concerned rights to a license to explore a diamond mine worth about $8 billion in Russia. After the initial round of briefing by both sides over choice of law, jurisdiction and merits, ADC filed for bankruptcy and dismissed its claims against AGD.