Sanctions And Strict Contractual Performance
| Published date | 08 September 2023 |
| Law Firm | Quadrant Chambers |
| Author | Mr Andrew Leung |
Gravelor Shipping Ltd v GTLK Asia M5 Ltd[2023] EWHC 131 (Comm)
Can a party perform its payment obligations by paying into a frozen account in a non-contractual currency where strict contractual performance would risk breaching sanctions? This was one of the key issues in Gravelor Shipping Ltd v GTLK Asia M5 Ltd.
A dispute arose out of two bareboat charters for the MV "WL TOTMA" and MV "WL KIRILLOV", which served as finance leases providing Gravelor, the bareboat charterer, with the means to finance the purchase of the Vessels.
The owners of the Vessels, GTLK M5 and M6 ("Owners"), were subsidiaries of JSC State Transportation Leasing Company ("JSC"), a company owned by the Russian state. Those companies were sanctioned as a result of the Russian invasion of Ukraine in 2022, which...
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