Russian Sanctions continues to impact the international shipping and commodity sectors. Recently, IY LEGAL acted for the seller of Russian origin coal shipments under a long term supply contract to a well known European energy business buyer.
In response to UK and EU sanctions, the buyer imposed a blanket ban on its import of Russian coal and either postponed or cancelled all contracted shipments relying upon force majeure provisions in applicable contracts and sanctions legislation. The detail of the claims and defences were complex (and the sums at stake very considerable), involving arguments as to the effect of UK sanctions legislation and if they applied at all to the buyer, the legal advice taken at the time by the buyer and whether there was an available market for coal at the DAP delivery point in connection with our clients’ damages claim, for the purposes of the SCoTA terms and the UK Sale of Goods Act.
LCIA Arbitration proceedings were commenced and then pursued and defended with vigour by both parties. Eventually, the parties elected a commercial settlement rather than pursue further what would have, inevitably, become drawn out and costly proceedings.
Whilst the parties involved/precise settlement terms are confidential, we achieved a significant recovery for our clients of many millions of Dollars, whilst also assisting them to maintain their trading relationship with the buyer.
“an extraordinarily fine lawyer with the full portfolio of skills, from negotiating contracts to claims, disputes and arbitrations - he’s the whole package!”
From 'Chambers Guide to the Legal Profession' while Andrew Iyer was practising as a solicitor“[Iyer] is very cost effective, efficient and proactive - he takes the initiative in speeding up recalcitrant opponent lawyers to the negotiating table”
From the 'International Law Office, Client Choice Guide' while Andew Iyer was practising as a solicitor'Energy & Natural Resources Firm of the Year in England' 2023
Corporate Intl Magazine Global Awards'Leading Arbitration Specialist UK' 2022
AI Global Excellence Awards“Iyer has a deep understanding of international markets and an impressive track record in arbitration and commercial disputes”
From 'Chambers Guide to the Legal Profession' while Andrew Iyer was practising as a solicitor“Sharp, to the point and efficient. [Iyer] responds with electrifying speed and is always contactable”
From 'The Legal 500' while Andew Iyer was practising as a solicitor'Arbitration Advisers of the Year' 2021
Global Business Magazine
Shipping & Trade Firm of the Year in England 2020
Global Law Experts Annual Awards“Andrew Iyer continues to glean high praise from clients”
From 'The Legal 500' while Andrew Iyer was practising as a solicitorWinner of the International Law Office 'Client Choice Award for Energy & Natural Resources UK'
While Andrew Iyer was practising as a solicitor'Shipping & Trade Firm of the Year in England' 2023
Corporate Intl Magazine Global Awards“[Iyer] has the experience to instantly recognise the problems being encountered and the professional expertise to always provide sound, concise and, most importantly, clear legal advice”
From the 'International Law Office, Client Choice Guide' while Andew Iyer was practising as a solicitorEnergy & Natural Resources Law Expert of the Year in England 2020
Leaders in Law Global Awards“[Iyer is] one of the most experienced energy lawyers that I have come across. His energy practice has a unique offshore flavour which suits our requirements”
From the 'International Law Office, Client Choice Guide' while Andrew Iyer was practising as a solicitor“[Iyer is] an extraordinarily fine lawyer with the full portfolio of skills, from negotiating contracts to claims, disputes and arbitrations - he’s the whole package!”
From 'Chambers Guide to the Legal Profession' while Andrew Iyer was practising as a solicitor
