British Bank Avoids Loan Interest Over US Russia Sanctions

Law360, London (September 12, 2019, 6:13 PM BST) -- British lender Cynergy Bank Ltd. does not have to pay interest on a £30 million ($37 million) loan it took out with Cyprus-based Lamesa Investments Ltd. while U.S. sanctions targeting the company's ultimate Russian owner remain in place, a London judge ruled Thursday.

Judge Mark Pelling said that Cynergy Bank could rely on a clause in its contract with Lamesa Investments allowing it to miss payments without defaulting on the loan if a law, regulation or court order prevented it from transferring the sums.

At the heart of the dispute is a £30 million loan that Cynergy Bank, which was then...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!