Since 2016, there has been a dramatic change in French law on the issue of enforcing judgments and arbitration awards against states and state entities. French law and French courts have increasingly taken into account the protection of states’ assets against so-called ‘vulture funds’, i.e. funds that invest in distressed securities usually (but not always) held against sovereign debtor governments. As a consequence of this policy, enforcement against states or state entities requires a prior and specific court order that is rarely issued. Furthermore, clauses waiving sovereign immunity from enforcement are being more and more restrained by the French Supreme Court. As a result, in less than 4 years, French courts and the French Parliament have transformed this country into a safe harbor for States’ and State entities’ assets.

François Ameli is a founding partner at CKR Law in Paris. He holds a PhD in international law from Sorbonne University and was admitted to the Paris Bar in 1993. As a lawyer, François brings a breadth of experience in international commercial litigation and arbitration, with a focus on contractual disputes arising in Europe, the Middle East North Africa and the Persian Gulf. He has handled a number of multi-jurisdictional disputes involving oil and gas, port activity, maritime transportation, international fraud and represents commercial clients and states
in enforcement actions. He is also a full time professor and Vice Dean for undergraduate studies at the Sorbonne Law School where he teaches international contracts, international litigation and international labor law.