Tag Archives: US sanctions

Court of Appeal Excuses Non-Payment Arising From Secondary Sanctions Concerns

The Court of Appeal decision, which considered standard form wording and the “mandatory” nature of US sanctions laws, upholds a High Court ruling exempting a borrower’s non-payment of interest, albeit on different grounds. By Charles Claypoole, Nell Perks, Robert Price and Thomas Lane In the recent case of Lamesa Investments Limited v. Cynergy Bank Limited … Continue Reading

US Secondary Sanctions Are a “Mandatory Provision of Law” in an English Contract

High Court ruling acknowledges the extraterritorial effect of US secondary sanctions. By Charles Claypoole and Nell Perks In the recent case of Lamesa Investments Ltd v. Cynergy Bank Ltd [2019] EWHC 1877 (Comm), the High Court found that US secondary sanctions constituted a “mandatory provision of law” excusing non-payment under a Facility Agreement. Facts Lamesa … Continue Reading