SANCTIONED ENTITY CLAIM FOR INTEREST FOR PERIOD WHEN PAYMENT IS PREVENTED BY FINANCIAL SANCTIONS

An article from Allen & Overy on 22^nd October was concerned with a case before the High Court in London where an Iranian sanctioned entity claimed post-award interest on an arbitral award for the period that EU financial sanctions were imposed on that entity.  The article says that the decision to reject the claim provides useful guidance on the interpretation of “no claims” and “non-liability” provisions, which are commonly found in sanctions legislation.  This decision concerned post-award interest on a 2001 arbitral award for £140 million in favour of the Iranian Ministry of Defence against an English company (International Military Services Ltd) owned by the UK MoD and HM Treasury.

http://www.allenovery.com/publications/en-gb/Pages/interest-and-financial-sanctions.aspx

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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 View all posts by raytodd2017