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Jeremy Wilson

Jeremy Wilson is co-chair of the firm’s International Arbitration and Disputes Practice Group. He advises and represents parties in investor-state matters, price review disputes, and commercial arbitrations, including in both ad hoc proceedings under the UNCITRAL Rules, and institutional arbitrations under the rules of the ICC, SIAC, HKIAC, the SCC, the DIAC, and the LCIA, in venues around the world. Jeremy has particular experience and a proven track record advising clients in the energy, life sciences, media, and consumer brands sectors.

Chambers UK ranks Jeremy as a leading lawyer for International Arbitration, noting client comments that Jeremy “is an excellent advocate”, “legally knowledgeable, commercially astute, pragmatic and personable to boot”. Clients also comment on his “impressive analytical and tactical skills” as well as his “quick and thorough understanding of complex legal issues”, while market sources have noted that he is “excellent on the law.” Chambers also notes his industry expertise, stating that the “very accomplished and knowledgeable” Jeremy Wilson is particularly commended for handling arbitrations in the oil and gas industries. Legal 500 UK notes “Jeremy Wilson is brilliant. As an advocate he is superb – careful, lucid and sensible submissions, clearly backed by an immense amount of preparation. A well-deserved reputation of excellence.”

Who’s Who Legal (WWL) recognizes Jeremy as a Global Leader in Arbitration in 2023-2024 and Jeremy is showcased in Legal 500’s Arbitration Powerlist: UK (2023).

Contact:Read more about Jeremy WilsonEmail

On Sunday, July 16, Russian President Vladimir Putin signed a decree putting shares of Danone Russia JSC, owned by French yogurt maker Danone, and of Baltika Brewing Company, owned by Danish brewer Carlsberg A/S, under “temporary management.”

The Kremlin has since reportedly appointed Yakub Zakriev, deputy prime minister and agriculture minister of Chechnya, as head of the Danone business.[1] Mr. Zakriev has been described as a close ally of Ramzan Kadyrov, the notorious leader of the Chechen Republic, and himself a close ally of President Putin.[2] Meanwhile, Taimuraz Bolloev, a longtime friend of Putin, has been installed as director of Carlsberg’s Baltika business.[3]

These recent seizures follow a decree Putin signed in April, laying the groundwork to expropriate, damage, or otherwise impair the investments of companies from “unfriendly” countries—including the U.S., UK, Canada, all EU member states, Japan, Singapore, and South Korea.[4] This is the second time Russia has used the decree to seize assets. Previously, Russia took control of utilities owned by Finland’s Fortum Oyj and Germany’s Uniper SE.[5]

These Russian actions demonstrate the significant risks for foreign companies that continue to operate in Russia and signal further potential asset seizures, including the possible transfer of foreign assets to regime-friendly owners. Russia’s measures appear to constitute uncompensated expropriations, for which investors could seek redress under Russia’s network of bilateral investment treaties (BITs).[6]

In prior Covington alerts, we have discussed how foreign investors in Russia can protect their investments from Russian retaliatory measures by ensuring that they have access to international arbitration, including through BITs. We also have highlighted certain key protections available under BITs that may provide recourse to foreign investors affected by Russia’s recent measures. In this alert, we focus on those protections under Russian BITs of most direct relevance to foreign investors whose assets have been expropriated or that have had the management of that investment obstructed by Russia’s actions, present and future.

Key Protections in Russian BITs

Russia has BITs in force with over 60 countries, including many EU members (such as Austria, Belgium, Bulgaria, the Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Lithuania, Italy, Luxembourg, the Netherlands, Romania, Slovakia, Spain, and Sweden) and countries such as Canada, Japan, Korea, Switzerland, the UK, and Ukraine. There is no BIT between Russia and the United States, but U.S. companies may nonetheless benefit from BIT protection if they hold their investments in Russia through a third country that does have a Russian BIT.

In its BITs, Russia has committed to, among other things, treat investors from the relevant countries in a fair and equitable manner, not to discriminate against such investors on the basis of nationality, not to expropriate their investments except under certain conditions and upon payment of adequate compensation, and to guarantee their right to freely transfer payments related to their investments out of Russia. All of these protections are relevant in the present context.Continue Reading Protecting Against Russia’s Asset Seizures: Investment Treaties May Provide a Remedy for Foreign Investors