At the disposal of our editorial office was the decision of the city trading court 🇨🇭 Zurich dated 16.11.2020, in dispute between belonging 🇷🇺 Victor Vekselberg 🇨🇾 Lamesa Holding And the bank 🇨🇭 Julius Bär. We wrote about the tradition of the Russian oligarch in courts about the sanctions directed against him in December last year. Now we will tell the details.
In 2013, the bank provided the structure of Viktor Vekselberg Loan for the amount 💵 160 million, securities secured by securities, the cost of which was at that time approximately 💵 465 million in 2018, the oligarch was Included on the sanctions list 🇺🇸 The United States, similar sanctions have spread to all companies where its share is 50% and higher. Immediately after these events Lamesa Holding I instructed the bank to sell part of the securities to repay the loan. The bank refused due to the inclusion of the beneficiary in the US sanctions list.
The Swiss court agreed that the bank will fall under US sanctions if he executes the indicated order. Promotions are nominated in USDSo, transactions with them in violation of sanctions restrictions will pass through the US financial system. On the basis of the contract, the bank had the full right to refuse to follow the instructions that violate sanctions prohibitions. The decision of the Zurich trading court was the first in Switzerland, where the court applied the rule 50% and allowed not to execute the contract with the company under sanctions. The court decision has not yet entered into legal force, since it was appealed Lamesa Holding In appeal. 
An interesting trend is planned, European courts understand the danger of getting into the US sanctions list and put the economic well -being of business entities at the forefront. Recall that a citizen previously under sanctions 🇫🇮 Finland Boris Rotenberg could not credit funds to the accounts of Finnish banks. 🇷🇺 This approach is alien to Russian courts, since foreign sanctions Disrupted Public order.
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