This case concerns a claim for state immunity by the Republic of Kazakhstan (“the RoK”) and its central bank, the National Bank of Kazakhstan (“the NBK”). The Claimants have obtained an arbitration award from the International Centre for the Settlement of Investment Disputes (“ICSID”) in Washington, DC, against the RoK. 1 The Award required the RoK to pay to the Claimants a total of US$ 9,951,709 plus continuing interest. The Claimants have obtained leave to register this award in the High Court under section 1 of the Arbitration (International Investment Disputes) Act 1966 . 2 They wish to enforce this award as a judgment by obtaining final Third Party Debt and Charging Orders against cash and securities that are held in London by the Third Parties (“AAMGS”), pursuant to a Global Custody Agreement dated 24 December 2001 with the National Bank of Kazakhstan. 3 The Claimants have already obtained Interim Orders 4 and they say that the cash and the securities are assets of the RoK that can and should be the subject of Final Orders. The National Bank of Kazakhstan intervened in the proceedings and applied to discharge both orders on the ground that the cash and securities held by AAMGS constitute “property” of the NBK and are the subject of immunity from enforcement under sections 13(2)(b) and 14(4) of the State Immunity Act 1978 . 5 The Claimants say that those sections, properly construed and applied to the facts of this case, do not grant immunity, so that the Interim Orders should indeed be made Final.