Decision ID: 003534

In October 2008 the 1992 Fund Executive Committee noted that in September 2008 the Court of Cassation had rendered a decision dismissing the 1992 Fund’s appeal against the ruling by the Arbitration Court in Saint Petersburg and Leningrad Region 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 Court of Cassation had held that since Russian law still had provided that the shipowner’s limit of liablity under the 1992 Civil Liability Convention was, in the case of the Volgoneft 139, 3 million Special Drawing Rights (SDR), it was for the Russian Courts to apply the limits of liability as published in the Russian Official Gazette. The Committee noted that since the limit of liability applicable to the Volgoneft 139 under the 1992 Civil Liablity Convention after November 2003 was 4.51 million SDR, there was an ‘insurance gap’of som 1.5 million SDR (£1.5 million). It was noted that the 1992 Fund had lodged an appeal against the Court of Cassation’s decision before the Supreme Court in Moscow.