Court of Appeal finds US secondary sanctions are a “mandatory provision of law” in UK contract

The Court of Appeal of England & Wales has dismissed Lamesa’s appeal in Lamesa Investments Limited v Cynergy Bank Limited [2020] EWCA Civ 821. Previous post on the High Court’s judgment here. Cynergy Capital Ltd borrowed £30 million of Tier 2 Capital from Lamesa Investments Ltd, a Cyrus company, in 2017. Lamesa’s parent company was owned by Viktor Vekselberg, and …