Russia

Ex-Owners of Ukrainian Bank Accused of Defrauding on “Epic Scale”

Celestial Aviation Services Ltd. v. Unicredit Bank, London Branch [2023 EWHC 1071]

💡Celestial Aviation Services Ltd. v. Unicredit Bank, London Branch 2023 EWHC 1071 Type of Lawsuit: Subsequent hearing on an ancillary

Energy LEAP Drafts Compliance Clauses for Russian Sanctions

Following coordination of price cap sanctions on Russian origin crude oil and petroleum products first put in place in December

US Agencies Issue Followup Alert on Russian Evasion Attempts

Further to their June 2022 release of a joint alert, US Treasury’s Financial Crimes Enforcement Network (FinCEN) and the

EU Sanctions Used to Enjoin LC

Lummus Technology Heat Transfer B.V. v. Credit Agricole Corporate Investment Bank involves a EUR 5.1 million (USD 6.

English Court Says Sanctions Did Not Prevent Bank from Paying under LCs

Further to previous reporting (“Aviation Company Says Bank Wrongfully Dishonored LCs Backing Russian-Leased Planes”, April 2022 DCW 6), the

Insurers Contest DAE Claim over Aircraft Stranded in Russia

Lloyd’s of London, AIG, Chubb, Swiss Re, and seven other insurers contend that they are not obligated to pay

Iran, Russia Agree on SWIFT Substitute

With Iranian banks and some Russian banks unable to use SWIFT, the central banks of the two countries signed an

Compelling Compliance Issues Identified and Examined

In a recent discussion of hot-button issues impacting compliance in the US, industry specialists identified and addressed five areas:

EU Advises LC Issuers, Others to Conform to Russian Oil Import Prohibitions

On 3 August 2022, the European Union issued notice to operators in which it granted “specific and temporary derogations and

US Agencies Issue Alert on Export Control Evasion Tactics

US Treasury’s Financial Crimes Enforcement Network (FinCEN) and the US Department of Commerce’s Bureau of Industry and Security