The Paris Court of Appeal considered the appeal of the RF Government against the decision of the Arbitral Tribunal. For further details see the press release of Oschadbank available at link.

Russia's main argument was that enforcing an arbitration award in countries that are less concerned with protection of the state immunity than France could harm it. Russia may suffer material damage, and its rights may to be violated. In its application, the Russian Federation asked the Paris Court of Appeal to suspend the enforcement of the arbitral award in order to protect itself from any attempts to enforce it abroad. Thus, in fact, Russia had acknowledged that it did not intend to implement that award