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8 October 2025

Rethinking Excessive Formalism: The Cyprus Appeal Court's Recent Modern Approach To Recognition Of Foreign Arbitral Awards (International Commercial Arbitration)

Phoebus, Christos Clerides & Associates LLC (Clerides Legal)

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Phoebus, Christos Clerides & Associates LLC is a leading Cyprus-based law firm founded in 1950 by Phoebus Clerides, former Minister of Justice and Member of Parliament. His son, Dr. Christos Clerides—graduate of King’s College London and former MP, National Council member, and Cyprus Bar Association President—later led the firm. Now under the third generation—Phoebe Cleridou, Alexandros Clerides, and Constantinos Clerides—the firm upholds its legacy of excellence, specialising in litigation and dispute resolution. For over 75 years, it has represented clients in complex cases across all levels of Cypriot courts. Its practice spans civil, commercial, constitutional, administrative, criminal, and human rights law. The firm also advises on corporate, commercial, contractual, real estate, and banking matters with a focus on dispute prevention. With 16 experienced legal professionals, the firm combines tradition with a client-focused approach, earning a strong reputation for advocacy, integrity, and legal precision.
The Cyprus Court of Appeal has delivered an important clarification in the recent judgment given on 08/01/2025 in Marbale Universal Corp & Victor A. Pichugov v Alexey N. Ananiev et al...
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(Court of Appeal of Cyprus, 8 January 2025 – Civil Appeal No. 32/2024)

The Cyprus Court of Appeal has delivered an important clarification in the recent judgment given on 08/01/2025 in Marbale Universal Corp & Victor A. Pichugov v Alexey N. Ananiev et al, and specifically on the recognition and enforcement of foreign arbitral awards under the New York Convention (1958), contributing to the ongoing international discussion on formalism versus functionality in arbitration enforcement.

The appellants sought enforcement in Cyprus of three LCIA arbitral awards issued in London, amounting to approximately USD 101 million and GBP 1.19 million. The Limassol District Court had dismissed the enforcement request, holding that the applicants failed to provide "duly certified copies" of the arbitration agreements as required by Article IV(1)(b) of the Convention.

The Court of Appeal reversed the decision, finding that a certificate issued by an English solicitor—confirming inspection of the original arbitration agreements—and a notarial verification of the solicitor's signature were sufficient to satisfy the evidentiary standard of Article IV. The Court underscored that the purpose of the provision is to ensure reliability, not rigid compliance, and that excessive formalism in recognition proceedings contradicts the pro-enforcement spirit of the Convention.

The appeal was allowed, and the case was remitted to the District Court to consider any remaining Article V defences, including issues of public policy and insolvency.

Key Takeaways:

  • The judgment rejects excessive procedural formalism, favouring a substantive, reliability-based approach to Article IV compliance.
  • Cyprus aligns itself with modern international standards that promote efficiency and predictability in arbitral enforcement.
  • The decision strengthens Cyprus's reputation as an arbitration-friendly jurisdiction and reflects its judiciary's pro-enforcement orientation.
  • It reinforces a broader trend across jurisdictions towards minimal judicial interference and functional interpretation of procedural rules in arbitration enforcement.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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