The Second Circuit has determined, in a 26-page opinion, that the Government of Russia is a political organ of the Russian Federation. That issue was crucial to a resolution of a foreign lender's attempt to enforce a Swedish arbitration award against the Russian Federation. The Federation, among other things, claimed that it was not a party to the arbitration, and, accordingly, the lender could not enforce the award against it. The decision in Compagnie Noga D'Importation et D'Exportation S.A. v. The Russian Federation can be found here. Judge Dennis Jacobs concurred in the case, agreeing with certain parts of the majority decision, and setting out his own reasoning on those points where he differed with the majority. His concurrence can be found here. The lender's collection troubles are not yet over. The Court remanded the case to the district court to determine (1) whether the lender's assignments of its arbitral proceeds to certain of its creditors deprived it of standing to seek confirmation of the arbitral award and (2) whether the creditors to whom the lender assigned the arbirtation proceeds must be joined as necessary parties. Stay tuned for further developments.