UK Court Of Appeal Ruling Clarifies US Sanctions Compliance

Law360 (August 7, 2020, 5:16 PM EDT) -- In Lamesa Investments Ltd. v. Cynergy Bank Ltd.,[1] the Court of Appeal of England and Wales considered whether U.S. secondary sanctions were a mandatory provision of law under a standard clause in a facility agreement that would enable Cynergy, an English retail bank, to withhold interest payments from Lamesa, a Cyprus company owned by a U.S. sanctions target.

The judge at first instance decided that Cynergy was entitled to withhold payment. The Court of Appeal dismissed Lamesa's appeal of this decision, but took issue with certain aspects of the judge's approach.

The case provides some useful insight into the court's approach...

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