Artur Zurabyan assessed the prospects of the Archangel Diamond Corporation in the case against Lukoil

Lukoil announced that the Supreme Court of the United States decided, on 7 November 2016, that a lawsuit of Archangel Diamond Corporation (ADC) against Lukoil cannot be considered in United States. The court's website proves the statement. The Canadian company refused to comment on the matter.

ADC is demanding USD 4.8 billion from Lukoil. The firm claims that the damages resulted from Lukoil not fulfilling the license agreement related to the Verkhotina diamond deposit in the Arkhangelsk Region. The discovery of the site, also known as the Grib Pipe, dates to 1996. Recoverable reserves are estimated at USD 11 billion, while the total reserves are 98.5 million carats.

“ADC has a reputation of going to the Russian courts,” according to Artur Zurabyan, the head of the international litigation and arbitration practice at ART DE LEX. “It is an odd option not only because foreigners mistrust the Russian courts but also because of the expiration of the statute of limitations.”