EURO-ASIAN OIL SA v ABILO (UK) LTD AND ANOTHER, EURO-ASIAN OIL SA v CREDIT SUISSE AG

[2017] 1 Lloyd's Rep. 287

QUEEN'S BENCH DIVISION(COMMERCIAL COURT)

Before Mr Justice Cranston

Banking - Letter of credit - Sale of goods - Letter of indemnity - Contract for sale of gasoil CIF Constanza - Payment to be made against shipping documents or letter of indemnity - Letter of indemnity signed by seller and by seller's bank - Buyer paying price but receiving no product - Buyer suing seller and seller's bank - Whether contract in fact on CIF terms - Whether buyer liable in deceit - Whether seller entitled to damages - Whether seller's bank entitled to indemnity or contribution from seller.