High Court considers interpretation of English exclusive jurisdiction clause in trade finance documentation

In the context of the claimant Afghan bank’s entitlement to enforce certain counter-guarantees provided by the defendant Indian bank, the High Court has granted limited declaratory relief confirming the exclusive jurisdiction of the English court: Afghanistan International Bank v Yes Bank Ltd [2023] EWHC 3294 (Comm). The decision is an interesting one for financial institutions facing … Read more

High Court refuses Swiss bank’s jurisdiction challenge over declarations of enforceability of standby letters of credit

In the context of a claim seeking declarations as to the claimant’s entitlement to enforce two standby letters of credit (SBLCs) issued by the defendant Swiss bank and governed by English law, the High Court has dismissed the defendant’s application contesting the jurisdiction of the English court: Macquarie Bank Limited v Banque Cantonale Vaudoise [2024] … Read more

Trilogy of decisions shows English courts’ approach to granting anti-suit injunctions in support of foreign-seated arbitrations

The Court of Appeal and High Court have, in two separate cases, granted anti-suit injunctions (ASIs) restraining a Russian party from bringing proceedings in Russia in breach of an arbitration clause in an English law governed contract, despite the seat of arbitration being in Paris. In a third similar case, where the arbitration agreement was … Read more

Court of Appeal confirms judgments can be entered in favour of Russian sanctioned parties but leaves uncertainty in relation to the “ownership and control” test

The Court of Appeal has confirmed that UK sanctions do not preclude the entry of judgments in favour of Russian sanctioned parties: Mints v PJSC National Bank Trust [2023] EWCA Civ 1132. The court also held that the Office of Financial Sanctions Implementation (0FSI) is entitled to license a sanctioned party to pay an adverse costs … Read more

High Court rules on common law enforceability of foreign judgment in E&W

The High Court has held that there is no common law rule preventing enforcement of a foreign judgment in England and Wales simply because it is not presently or fully enforceable in the relevant foreign jurisdiction: Invest Bank PSC v El-Husseini [2023] EWHC 2302 (Comm). A foreign money judgment is enforceable at common law by suing … Read more