THE JOURNAL OF EXPORT CONTROLS AND SANCTIONS

Issue 84, November 2019

US secondary sanctions recognised as ‘Mandatory Provision Of Law’ in UK contract

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  By Karolos Seeger, Jane Shvets, Konstantin Bureiko and Tom Cornell, Debevoise & Plimpton www.debevoise.com   Key takeaways The English High Court recently decided a case in which a UK borrower sought to rely on a mandatory provision of law clause to avoid paying interest on a loan provided by an entity owned by a person on the SDN list maintained by OFAC. Despite the lending agreement being governed by UK law and there being no US nexus, the English High Court held that US secondary sanctions can constitute a ‘mandatory provision of law’ affecting the UK borrower, as there...

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