Banking Litigation Podcast EP47: Sanctions special – July 2024

In this edition of our banking litigation podcast, we have a special episode on the impact of sanctions on banks and financial institutions. We explore the current sanctions regime, Russian counter-sanctions measures as well as sanctions related litigation in the English courts. This episode is hosted by John Corrie, a partner in our banking litigation team, who is joined by Ceri Morgan and special guests Charlotte Benton, Alexander Gridasov, and Ali Grodzki. You can find links to our blogs on the cases covered in this podcast below: • 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 https://www.herbertsmithfreehills.com/notes/litigation/2023-10/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/ • High Court dismisses force majeure and trade sanctions defences in breach of contract claim, and considers "ownership and control" test under UK sanctions https://www.herbertsmithfreehills.com/notes/bankinglitigation/2024-01/high-court-dismisses-force-majeure-and-trade-sanctions-defences-in-breach-of-contract-claim-and-considers-ownership-and-control-test-under-uk-sanctions • High Court grants injunctions in favour of bank in context of syndicated loan dispute over payments withheld due to sanctions https://www.herbertsmithfreehills.com/notes/bankinglitigation/2024-posts/High-Court-grants-injunctions-in-favour-of-bank-in-context-of-syndicated-loan-dispute-over-payments-withheld-due-to-sanctions- • Supreme Court finds no obligation on party seeking to rely on force majeure clause to accept counterparty’s offer of non-contractual performance https://www.herbertsmithfreehills.com/notes/bankinglitigation/2024-05/supreme-court-finds-no-obligation-on-party-seeking-to-rely-on-force-majeure-clause-to-accept-counterpartys-offer-of-non-contractual-performance • Court of Appeal finds payment obligations under letters of credit suspended by UK Russian sanctions regime https://www.herbertsmithfreehills.com/notes/bankinglitigation/2024-posts/Court-of-Appeal-finds-payment-obligations-under-letters-of-credit-suspended-by-UK-Russian-sanctions-regime- Don't forget to subscribe to the banking litigation blog. https://hsfnotes.com/bankinglitigation/subscribe/