The case of Lamesa Investments Ltd v Cynergy Bank
Ltd [2019] EWHC 1877 (Comm) involved a
bank caught up in the crosshairs of international sanctions but
could apply to any contractual scenario.
The Facts
Lamesa was a company registered in Cyprus, ultimately owned by
Viktor Vekselberg.
Cynergy was a UK retail bank with a US Dollar correspondent
account with a US bank.
Lamesa advanced £30 million to Cynergy, with interest
payments due every 6 months.
There was a clause in the loan agreement that provided:
"[Cynergy] shall not be in default if...such sums were
not paid in order to comply with any mandatory provision of law,
regulation or order of any court of competent
jurisdiction."
