An awaited decision on the enforceability of the sanctions provision in policies of insurance heard in the UK courts has turned out to be of not much general assistance.
The English High Court found that, although an insurer is not liable to pay a claim where the payment would be prohibited under EU or US
The US Department of Treasury fined a New York-based insurer nearly $300 000 for 48 apparent violations of sanctions against North Korea, Iran, Sudan and Cuba. The insurers despite knowing they were dealing with OFAC-sanctioned countries provided coverage to North Korean vessels and were involved in incidents involving the other countries. The policies were issued
Insurers must remember that jurisdictions in which the world’s major insurers operate such as the EU, Switzerland and the USA have imposed sanctions against Russia. Russian corporations and shareholders may be named on a sanctions list which will affect the enforceability of any reinsurance of a policy where a listed person is indemnified.
There are
The European Union, the USA and Canada have imposed sanctions on a number of Russian and Ukrainian individuals and legal entities. The nature and scope of the sanctions are explained in this briefing.
If a bank has entered into credit risk mitigation arrangements with Russian or Ukrainian counterparties, or relating to Russian or Ukrainian assets,