Arbitral Digest

Matter

Sergei Korovin v Hermitage One Limited

Sergei Korovin's claim against Hermitage One under a 2014 agreement, with English court proceedings on permission to use disclosed material in the arbitration.

  • International commercial arbitration
  • Cross-border litigation
Arbitral parties
Sergei Korovin is the claimant and Hermitage One Limited is the respondent.
Arbitration commenced
30 January 2026; commenced in Russia.
Claim
Korovin seeks $272,400,000 said to be due under an agreement dated 7 February 2014.
Progress at the 19 June 2026 hearing
Hermitage One had served a Response to Notice for Arbitration; no further step had occurred beyond commencement and that response.
Separate arbitration
Neither the Bourlakovas nor Edelweiss is a party to the Korovin Arbitration.

Procedural record

  1. 12 March 2026England and Wales

    12 March 2026England and Wales

    Order of the High Court of Justice in the case BL-2020-001050 dated 12 March 2026

    High Court of Justice

    Case no.
    BL-2020-001050
    Decision summary
    The court varied the Disclosure Order to permit Hermitage One and Mishcon de Reya to review the disclosed material to decide whether Hermitage One should seek permission to use it in the Korovin Arbitration. It also retrospectively permitted their review of Korovin's witness statement from the other arbitration.

    Participants

    Hermitage One Limited
    Representative
    Mishcon de Reya LLP (For: Hermitage One Limited)
    High Court of Justice
    Judge
    Richard Smith

    6 months and 26 days later · 210 days

  2. 8 October 2026England and Wales

    8 October 2026England and Wales

    Judgment of the High Court of Justice, Business and Property Courts of England and Wales, Business List (ChD) in the case BL-2020-001050 dated 8 October 2026

    High Court of Justice, Business and Property Courts of England and Wales, Business List (ChD)

    Case no.
    BL-2020-001050
    Citation
    [2026] EWHC 2548 (BP)
    Decision summary
    The court permitted Hermitage One to use the merits submissions excluding costs submissions, documentary evidence, witness statements with exhibits, and the merits award from the other arbitration to defend the Korovin Arbitration. Permission did not extend at this stage to the costs award, procedural orders or awards, legal authorities, expert evidence or the hearing recording. No additional necessity or advance-notice requirement applied. Hermitage One must provide Edelweiss with short quarterly progress updates and notify it as soon as reasonably practicable of the arbitration's final conclusion.

    Participants

    Application
    Permission for collateral use of disclosed material in the Korovin Arbitration — Allowed in part, subject to quarterly progress updates and notice of final conclusion
    Loudmila Bourlakova
    Representative
    Michael Fealy KC (For: Loudmila Bourlakova · Hermitage One Limited · Veronica Bourlakova)
    Representative
    James Gardner (For: Loudmila Bourlakova · Hermitage One Limited · Veronica Bourlakova)
    Representative
    Mishcon de Reya LLP (For: Loudmila Bourlakova · Hermitage One Limited · Veronica Bourlakova)
    Hermitage One Limited
    Representative
    Michael Fealy KC (For: Loudmila Bourlakova · Hermitage One Limited · Veronica Bourlakova)
    Representative
    James Gardner (For: Loudmila Bourlakova · Hermitage One Limited · Veronica Bourlakova)
    Representative
    Mishcon de Reya LLP (For: Loudmila Bourlakova · Hermitage One Limited · Veronica Bourlakova)
    Greenbay Invest Holdings Limited
    Veronica Bourlakova
    Representative
    Michael Fealy KC (For: Loudmila Bourlakova · Hermitage One Limited · Veronica Bourlakova)
    Representative
    James Gardner (For: Loudmila Bourlakova · Hermitage One Limited · Veronica Bourlakova)
    Representative
    Mishcon de Reya LLP (For: Loudmila Bourlakova · Hermitage One Limited · Veronica Bourlakova)
    The Estate of Oleg Bourlakov
    Edelweiss Investments Inc
    Representative
    Tim Chelmick (For: Edelweiss Investments Inc)
    Representative
    Wallace LLP (For: Edelweiss Investments Inc)
    High Court of Justice, Business and Property Courts of England and Wales, Business List (ChD)
    Judge
    Andrew de Mestre KC

Matter record

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Sergei Korovin v Hermitage One Limited · Matter