UK HIGH COURT ALLOWS CLAIM EVEN THOUGH IT AROSE OUT OF A CONTRACT WHICH WAS PROHIBITED BY EU IRAN SANCTIONS

On 5th April, the EU Sanctions Blog reported on a decision of the High Court re a claim of fraud, breach of fiduciary duty, and other torts in relation to a $87 payment for an oil rig and involving an Iranian company.  It had been argued that the claimant Iranian company should not be granted any relief because the claim arose out of a contract which was prohibited by EU Iran sanctions, and the deal was entered into in order to circumvent sanctions.  This argument was rejected, the relevant sanctions now having been lifted (following the JCPOA agreement) and that it was not contrary to the purpose of the sanctions to allow recovery.

https://www.europeansanctions.com/2019/04/uk-high-court-allows-ioec-a-remedy-in-fraud-although-party-to-a-contract-to-circumvent-iran-sanctions/

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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