BGP Litigation lawyers successfully represented the interests of a Russian company in an international arbitration under LCIA rules against a Saudi Arabian company.
The dispute arose from the Saudi Arabian company’s failure to fulfil its payment obligations for goods supplied by BGP Litigation's client. The respondent cited force majeure due to inclusion of the client’s bank on the US sanctions list, also arguing that the payment, though blocked by an American correspondent bank, constituted proper fulfilment of the obligation.
Following submission of the claim to the LCIA and an exchange of legal positions, the parties reached a settlement agreement for the debtor to repay the outstanding amount in full, as well as the arbitration costs.
