The UK Supreme Court held that the Law Debenture Trust Corporation plc, acting on behalf of Russia, is not entitled to a summary judgment in its contractual dispute with Ukraine relating to a loan made by Russia to Ukraine. The loan took the form of Eurobonds with a nominal value of US $3 billion and interest at 5% per annum to Russia, issued by Ukraine in 2013. Judgment and Press Release.
Ukraine’s defences to payment of the Notes included that the Notes were procured by duress arising from unlawful and illegitimate threats and pressure, including trade sanctions. On this point the Supreme Court said:
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Maya Lester KC is a senior barrister (King’s Counsel) at Brick Court Chambers with a wide-ranging practice in public law, European law, competition law, international law, human...