ARTICLE · 20 APRIL 2016

Lost In Translation: International Sanctions In Bermuda

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On 29 January 2016, Bermuda's Supreme Court handed down its ruling in Cornhill Natural Resources Fund Limited v Libyan Investment Authority, et al.

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On 29 January 2016, Bermuda's Supreme Court handed down its ruling in Cornhill Natural Resources Fund Limited v Libyan Investment Authority, et al, [2016] SC Bda 9 (Com), a case concerning the meaning and effect of the Libya (Restrictive Measures) (Overseas Territories) Order 2011. It is the first ruling by a court on sanctions legislation affecting the offshore world.

Around the world, onshore and offshore statute books are filling-up with a bewildering array of sanctions regimes. Sanctions legislation is, in general, aimed at international business in order to isolate regressive regimes from the international economy. Such legislation naturally impacts offshore businesses, in particular insurers and hedge funds.

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