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Kazakhstan Appeals U.K. Court Ruling on $22 Billion of Assets

  • BNY Mellon froze 40% of Kazakhstan’s sovereign wealth fund
  • Kazakhstan says U.K. shouldn’t recognise foreign orders
Operations Inside A Oil Refinery
Photographer: Andrey Rudakov/Bloomberg

Kazakhstan’s government is asking an appeals court to throw out a decision that allowed BNY Mellon to freeze about $22 billion of assets in the country’s oil fund as part of a dispute over an unpaid arbitration award.

BNY Mellon says it is required to freeze the assets because of Belgian and Dutch court orders, while lawyers for Kazakhstan say that deposits held at an English branch of an international bank should be subject to British courts, and that the U.K. bank shouldn’t recognize the foreign orders.