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25 Dec, 2025
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Arbitrazh (Commercial) court denies Power Machines' claim to recover PetroVietnam's shares in Russian-Vietnamese companies

On 9 December, the Moscow Arbitrazh (Commercial) Court considered an application by bailiffs for the seizure of PetroVietnam's shares in the authorised capital of SK Rusvietpetro LLC and Gazpromviet LLC, but refused to satisfy it in full, Kommersant reports.

The dispute arose in connection with an EPC contract for the construction of the Long Phu 1 thermal power plant in southern Vietnam. In 2018, work on the project was suspended due to the imposition of US sanctions against Power Machines (Silovye Mashiny). In August 2019, Power Machines filed a claim against PetroVietnam with the Singapore International Arbitration Centre (SIAC), demanding compensation. In November 2023, the claim was upheld, and the SIAC tribunal ordered PetroVietnam to pay $570 million.

PetroVietnam challenged the SIAC decision in the High Court of Singapore, while Power Machines, in turn, applied to the Moscow Arbitrazh (Commercial) Court for recognition and enforcement of the award. In July 2024, the High Court of Singapore temporarily suspended the SIAC decision, ruling that it should be referred back to the SIAC tribunal to remedy a breach of natural justice. Despite this, in October of the same year, the Moscow Arbitrazh (Commercial) Court granted Power Machines' application and issued a writ of execution. As a result, in December 2024, Power Machines initiated enforcement proceedings against PetroVietnam's Russian assets, including its shares in the Rusvietpetro and Gazpromviet joint ventures.

In March 2025, the SIAC tribunal ruled in favour of the Russian company and upheld the decision to award it compensation. However, in October 2025, the Singapore Court of Appeal issued a final binding decision, overturning the previous decision on the matter as well as the clauses concerning the payment of compensation. Despite this, while the proceedings in Russia are ongoing, PetroVietnam has applied to the Moscow Arbitrazh (Commercial) Court for a review of the decision on recognition and enforcement of the award in light of new circumstances. The application will be considered in January 2026.

 

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