Decision ID: 003508

In June 2008 the 1992 Fund Executive Committee noted that in February 2008 the Arbitration Court in Saint Petersburg and Leningrad Region had issued a ruling declaring that the limitation fund had been established by means of a letter of guarantee issued by the shipowner’s insurer Ingosstrakh for 3 million Special Drawing Rights (SDR). It was noted that the 1992 Fund had appealed against the decision and that the Fund had presented pleadings to the Court of Appeal arguing inter alia that the current limit of the shipowner’s liability under the 1992 Civil Liability Convention was 4.51 million SDR and that, as under the Russian constitution international conventions to which the Russian Federation was a party took precedence over Russian internal law, the Arbitration Court’s ruling establishing the shipowner’s limitation fund should be revised. It was also noted that in May 2008 the Court of Appeal had rendered a decision confirming the ruling by the Arbitration Court establishing the shipowner’s limitation fund in the Rubel equivalent to 3 million SDR.