Implications of sanctions against Russia on banking disputes in the UK

Herbert Smith Freehills LLP have published an article in the Journal of International Banking Law and Regulation on the implications of sanctions against Russia on banking disputes in the UK. Since 2014, the UK, EU, US and other countries have imposed sanctions against Russia, which have been further expanded since 2022. These regimes are challenging for … Read more

High Court dismisses force majeure and trade sanctions defences in breach of contract claim, and considers “ownership and control” test under UK sanctions

The High Court has allowed a summary judgment application in relation to a breach of contract claim, finding that there was no realistic prospect of the defendants being able to rely on force majeure and change of trade sanctions provisions in the agreement: Litasco SA v Der Mond Oil and Gas Africa SA & Anor … Read more

Supreme Court clarifies when a stay of court proceedings will be granted in favour of arbitration under s.9 Arbitration Act 1996

A recent Supreme Court decision has clarified the English courts’ approach to determining whether a matter falls within the scope of an arbitration agreement for the purposes of deciding whether to grant a stay of court proceedings under section 9 of the Arbitration Act 1996: Republic of Mozambique v Privinvest Shipbuilding SAL [2023] UKSC 32. Section 9 … Read more

High Court rules against Republic of Argentina in GDP-linked sovereign bond claim finding in favour of the claimants’ construction of provision “rebasing” GDP measurement

The High Court has ruled against the Republic of Argentina (Republic) in a claim brought by investors in Euro-denominated sovereign bonds issued in 2005 and 2010 for approximately €1.33 billion: Palladian Partners & Ors v The Republic of Argentina & Anor [2023] EWHC 711 (Comm). While the present decision turns on the facts and specific … Read more