Lloyd's Law Reports Plus

Professor Robert Merkin KC; Dr Johanna Hjalmarsson

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LLC EUROCHEM NORTH-WEST-2 AND ANOTHER v SOCIÉTÉ GÉNÉRALE SA AND OTHERS

[2026] Lloyd's Rep. Plus 8

KING’S BENCH DIVISION (COMMERCIAL COURT)

Before Mr Justice Bright

Sanctions – Demand bonds – Demand bonds for construction of fertiliser plant in Russia – Construction company withdrawing following sanctions against founder of buyer of plant – Banks refusing to pay under bonds due to sanctions – Assignment of proceeds of bonds from Russian to Swiss entity – Meaning of “owned or controlled” by designated person – Council Regulation (EU) No 269/2014, article 2 – Council Regulation (EU) No 833/2014, article 11.

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