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BANK OF NY v. NORILSK NICKEL

14 A.D.3d 140 (2004)

789 N.Y.S.2d 95

THE BANK OF NEW YORK, Petitioner, v. NORILSK NICKEL, Appellant, and MONTER JOINT STOCK COMPANY, Respondent, et al., Respondent.

Appellate Division of the Supreme Court of the State of New York, First Department.

December 21, 2004.

Attorney(s) appearing for the Case

Chadbourne & Parke LLP, New York City (Kenneth A. Caruso and Daniel S. Meyers of counsel), for appellant.

John Walshe & Associates, New York City (John Walshe of counsel), for Monter Joint Stock Company, respondent.

BUCKLEY, P.J., ELLERIN, LERNER and MARLOW, JJ., concur.

OPINION OF THE COURT

CATTERSON, J.

In 1991, war broke out in Yugoslavia when Slovenia and Croatia declared independence. Although the actions of the breakaway republics were reminiscent of the events of 1914 that ultimately led to the Great War, the reactions of the world's powers were thankfully, substantially different.

The United States and the United Kingdom reacted to the conflict by imposing economic sanctions on Serbia. Prior to the conflict...

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