The Court of Appeal handed down its judgment in the case of Lamesa Investments Ltd v Cynergy Bank Ltd [2020] EWCA Civ 281 on 30 June 2020. The case appealed a 2019 High Court judgment that found that Cynergy Bank Limited was entitled to refuse to pay interest payments to Lamesa Investments Ltd, under a facility agreement, due to a concern that Cynergy would be subject to US secondary sanctions (please see our previous blog…
On 7 July 2020 the Secretary of State for International Trade informed Parliament in a written statement that she has retaken her decisions regarding licences for military exports to Saudi Arabia for possible use in the conflict in Yemen, in accordance with the Judgment of the Court of Appeal of 20 June 2019. The Court of Appeal last year ruled that the government had erred in law in its decision-making processes on arms export licences…
On Monday 6 July 2020, the UK introduced the first sanctions under its new Global Human Rights sanctions regime, targeting 47 individuals and 2 entities. The regulations setting out the sanctions are made under the Sanctions and Anti-Money Laundering Act 2018 (the “Sanctions Act”) and impose asset freezes and travel bans on individuals and entities responsible for or involved in serious violations of human rights. The Sanctions Act was introduced to allow the UK to…
On 6 April 2020, the European Commission adopted Implementing Regulation (EU) 2020/502 (the “Implementing Regulation”) introducing additional tariffs on certain products originating from the US. This was adopted in retaliation to the further safeguard measures in the form of tariff increases, adopted by the United States on 24 January 2020, in relation to imports of certain derivative aluminium and steel products which took effect with unlimited duration on 8 February 2020. Effective May 2020, the…