DO US SANCTIONS PREVENT REINSURANCE PAYOUTS?

The always excellent European Sanctions Blog on 5th September included a post asking this question.  It says that in a High Court case in London AIG Europe Ltd has argued that it cannot pay $584,000 in reinsurance cover to the Jordan Insurance Company for money said to have been stolen in 2013 from a Syrian bank (International Bank for Trade and Finance Ltd), because that payment would breach US sanctions on Syria.

https://europeansanctions.com/2018/09/05/jordan-insurance-v-aig-litigation-do-us-sanctions-prevent-reinsurance-payouts/

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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