In the recent Appellate case of VTB BANK -V- TARUTA, the Appellate Court decided that Cypriot Courts do not have jurisdiction under Law 121 (1)/2000 for the enforcement and recognition of foreign judgment or foreign arbitral awards, when both the judgment creditor, and judgment debtor, reside outside Cyprus.
The Appellate Court upheld the decision of the 1st Instant Court by which the enforcement application of VTB for enforcement of a Russian judgment as per Bilateral Treaty and the ex parte freezing injunction obtained had been dismissed summarily due to lack of jurisdiction of Cypriot Courts as per Bilateral Treaty, as well as the Law 121 (1)/2000.
The above appellate decision provides clear guidance on the interpretation and applicability of the Law 121 (1)/2000, which regulates the procedure of recognition and enforcement of foreign judgments and foreign arbitral awards in Cyprus.
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