EURO-ASIAN OIL SA v CREDIT SUISSE AG AND OTHERS

[2019] Lloyd's Rep. Plus 20

COURT OF APPEAL

Before Lady Justice King, Lord Justice Simon and Dame Elizabeth Gloster DBE

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 entitled to damages – Measure of damages – Whether seller’s bank entitled to full indemnity from seller – Sale of Goods Act 1979, section 51(3).