LONDON—Global Arbitration Review awarded Covington the “International Arbitration Practice That Impressed” Award at the 2024 GAR Awards. The publication also named Covington to its GAR 100 list of the world’s top international arbitration practices.
The award recognized the firm’s $5 billion win for Ukraine’s Naftogaz and a $267 million win for energy client DTEK in investment treaty cases against Russia, as well as its work for Ukraine in proceedings against Russia at the International Court of Justice.
Jeremy Wilson, co-chair of Covington’s International Arbitration practice, said: “We could not be prouder of our team for the tireless efforts undertaken around the world this past year. Covington has been handling prominent international arbitrations for over a century, and we are honored to be continually recognized by the field’s preeminent publication for this work.”
GAR highlighted Covington’s “spectacular” win for Ukraine’s state-owned oil and gas company Naftogaz. The group secured a $5 billion award in the Hague for the company in April 2023 over the Russian Federation’s seizure of its assets during the Crimea annexation in 2014. Relatedly, the group secured a $267 award for Ukrainian electricity company DTEK Krymenergo, which also had its assets seized by the Russian Federation during the annexation.
Also relating to Ukraine, Covington won a landmark ruling at the ICJ where a tribunal found that Russia had breached conventions against the financing of terrorism and racial discrimination. Covington also has an ongoing pair of arbitrations for Ukraine against Russia under the UN Convention on the Law of the Sea, and is representing Radio Free Europe/Radio Liberty in a dispute with Russia over attempts to silence it.
Marney Cheek, co-chair of Covington’s International Arbitration practice, added: “Our work in Ukraine is critically important to both its people and businesses. We will continue to fight valiantly alongside them as Russia continues its illegal invasion.”
Notably, one client praised Covington for its pro bono work in a dispute over a hospital in Burundi, saying the firm’s performance was like “watching a professional sports team play against a college team.”
Other ongoing work recognized by GAR includes an ICSID claim by US investors against Georgia, an ICSID claim against Venezuela on behalf of US bottle maker Owens-Illinois’ subsidiaries, a NAFTA claim against Mexico on behalf of US construction group Vulcan, and significant insurance disputes over environmental liabilities and train derailments.
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