The case of MUR Shipping BV v RTI Ltd [2022] EWCA Civ 1406, heard in the Court of Appeal, centred around whether it was possible for MUR to rely on a force majeure clause to reject RTI’s proposal to pay for the cargo freight in Euros, as opposed to the specified currency of US Dollars. …
On 18 March 2021, US Secretary of State Antony Blinken issued a threat to companies that remain involved in what he called the “Russian geopolitical project”, saying they risked coming under US sanctions if they continued their work. It is unlikely any of the remaining companies constitute “US Persons” under US law and, if so, …
US sanctions prompt insurers to withdraw Nord Stream 2 cover Read More »
This is a free event, but names and email addresses of all attendees are required for registration. Deborah.finch@iua.co.uk Keeping pace with the fast-changing international sanctions landscape can be a struggle. The geopolitical environment is moving quickly, and it is increasingly challenging for (re)insurers to understand how primary and secondary sanctions may impact underwriting decisions, wordings and …
First published by Elborne Mitchell LLP, www.elbornes.com, 27 November 2020 On 25th November 2020, the High Court granted the Order for the Part VII transfer of certain policies from the Members of Lloyd’s to Lloyd’s Insurance Company S.A. (“Lloyd’s Brussels”), the wholly owned Belgium subsidiary of Lloyd’s. The Transfer of non-life business will be effective from …
Lloyd’s Part VII transfer to LIC SA sanctioned by the High Court Read More »
On 15 April 2021, the Biden Administration introduced a raft of fresh sanctions against 32 Russian individuals and entities in response to alleged cyberattacks and election-interference involving the Russian government. One of those is Pozitiv Teknolodzhiz, AO (Positive Technologies), said by the US to be an “IT security firm that supports Russian Government clients” and …
London Market urged to check latest US Sanctions against Russia Read More »
One of the key features of the UK Government’s sanctions legislation for the post-Brexit era was a new ‘owned or controlled’ rule. Modelled loosely on the so-called ‘50% Rule’ used by the US Treasury’s Office of Financial Assets Control (OFAC), the UK legislation gives the Government new powers to control how broadly asset freezes are …
