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What is the EU Blocking Statute? Council Regulation (EC) No 2271/96 (as amended) (the Blocking Statute) is designed to counter specified third-country extra-territorial sanctions on “EU operators”, which includes EU nationals, any natural person resident in the EU and EU-incorporated companies.  In short, the Blocking Statute seeks to protect EU operators engaging in lawful international trade and/or movement of capital as well as related commerce activities with third countries in accordance with EU law. Background …
In a judgment recently handed down by the High Court (available here), it was held that the defendant  insurance companies were liable to pay an insurance claim under a marine insurance contract relating to the theft of certain cargo shipments when in Iran, provided such payment be made before the re-imposition of applicable US secondary sanctions. In brief, the key points at issue were: (1) the proper interpretation of a sanctions clause in the…