Friday 22 April 2016 saw the first application in the Financial List in the US$3 billion claim brought by Law Debenture as trustee on behalf of the Russian Federation against Ukraine.  In the action Fountain Court’s Bankim Thanki QC and Simon Atrill (instructed by Quinn Emanuel’s Alex Gerbi) line up for Ukraine against Brick Court’s Mark Howard QC and Oliver Jones for Law Debenture (instructed by Norton Rose’s Michael Godden). The claim relates to US$3 billion of Eurobonds issued by Ukraine to Russia as noteholder under the regime of President Yanukovych who subsequently fled to Russia following the Maidan uprising in Kiev in early 2014, which in turn led to Russia’s purported annexation of the Crimean peninsula. The parties having reached agreement by consent on the eve of the hearing, following the Claimant’s initial complete opposition to any additional time being given, Blair J has granted Ukraine a 6 week extension to serve its Defence on 27 May 2016.