Stephanie Milagros Limaco Blas


Stephanie is a Peruvian qualified lawyer and English qualified solicitor, with experience in commercial litigation, sanctions, international commercial arbitration, domestic (Peruvian) arbitration, regulatory law, and public procurement. Prior to joining Zaiwalla, she was senior associate in the regulatory, public contracts and environmental law practices in the leading Peruvian firm of Estudio Olaechea. Stephanie is recognised in The Legal 500 Peru 2019 and in The Legal 500 UK 2021.

Stephanie has completed an internship at Wilmer Cutler Pickering Hale & Dorr, a placement at King & Spalding and was a research assistant at the London School of Economics and Political Science.



  • Deutsche Bank AG v Central Bank of Venezuela & Ors, Central Bank of Venezuela v the Governor and Company of the Bank of England [2020] EWHC 1721 (Comm), [2020] EWCA Civ 1249, [2021] UKSC 57 – A dispute between two rivals boards claiming to have authority to give instructions on behalf of the Central Bank of Venezuela in relation to Venezuela’s gold reserves, worth circa. USD 1.8 billion, held at the Bank of England, and in relation to the USD 120 million proceeds from a gold swap transaction with Deutsche Bank.
  • A dispute between a Dubai based company included in the SDN List to seek recovery of c. US$ 17 million withheld by a UK entity on the basis of US sanctions. The case relates to the application of the EU Blocking Statute as implemented in the UK and a potential breach of contract, and will be resolved in the English Courts.

  • A dispute between a Dubai based company included in the SDN List to seek recovery of US$ 5 million withheld by a Singapore based company on the basis of US sanctions. The case will be decided in a SIAC arbitration.

  • A USD 150 million ICC international commercial arbitration case relating to joint venture in the construction of a hydroelectric power plant. There were many complex legal and factual issues involved in the case, such as the evaluation of critical path delays, mild and gross negligence and wilful misconduct, time extension claims and the application of penalty clauses.

  • Acted for the maintenance contractor of a consulting service for the largest hydroelectric complex in Peru, in several disputes before the PUCP Arbitration Center. These disputes were related to the performance of the services, the application of penalties and time extension claims. Two arbitral cases were successfully settled with a state-owned entity.

  • An aquaculture company v. a group of shareholders (including a BVI company): I recently supported a group of shareholders of an aquaculture company, in a dispute before the Lima Chamber of Commerce, against the former minority shareholders. The dispute was related to the validity of a Share Purchase Agreement and involved allegations of deceit and misrepresentation.

  • Acted for Gemalto (currently Thales) Mexico, the then supplier of all passports in Peru, in their contract management and pre-arbitral disputes against the Ministry of Foreign Affairs and the Immigration Authority. There were several complex legal issues involved in the case, including the approval of the services performed, the application of penalties, the execution of guarantees, time extension claims, claiming additional payments, the reductions of the works, the interpretation of the contract and limitation periods. The value of the disputes, in total, is approximately between USD 7 million to 10 million with the total contract value at USD 70 million.

  • Acted for a multinational cigarette and tobacco company in relation to an anti-tobacco bill that was being discussed by the Peruvian Congress. Prepared a constitutional law legal report to be used before the Congress assessing the national and international measures that the client could file in order to protect its investments. This included the legal analysis of the possibility of initiating an investment arbitration in case the government approved the anti-tobacco bill. The assessment included the review and evaluation of the US – Peru Trade Promotion Agreement and the BIT between Peru and Switzerland.

Practice Experience

Specialist areas

  • International commercial arbitration
  • Commercial litigation
  • Sanctions
  • Commercial contracts


  • Spanish (native)
  • English (fluent)
  • Portuguese (fluent)


  • Second place in the admission exam of the university.
  • Chosen as part of the team of the Pontifical Catholic University of Peru (as observer) in the Inter-American Human Rights Moot Court Competition, organised by American University. 


  • The London School of Economics and Political Science - LLM International Business Law. Grade: Merit.
  • Pontifical Catholic University of Peru – Licentiate and Bachelor in Law. Grade: Summa Cum Laude Honour.

Professional Memberships

  • Member of the LCIA Young International Arbitration Group
  • Member of the Lima Bar Association
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