CL-2022-000456 - [2025] EWHC 1614 (Comm)

This judgment is concerned with issues as to whether certain documents disclosed by the Claimants in the course of the proceedings should be treated as confidential and should be subject to the terms of a confidentiality club, or whether they should now be released from the confidentiality club.

The proceedings relate to six on-demand bonds (“the Bonds”), each governed by English law, issued by the First to Third Defendants (“SocGen”) and Fourth to Fifth Defendants (“ING”) (together “the Banks”), in favour of the First Claimant (“Eurochem NW2”) as beneficiary. The Second Claimant (“Eurochem AG”) is a group holding company and claims to be the assignee of the proceeds. The Third Party (“Tecnimont”) procured the Bonds and (I understand) may well be liable under counter-guarantees if the Banks are obliged to pay.

The total value of the Bonds was approximately €275 million. They were issued on various dates in 2020 and 2021 in connection with the construction for Eurochem NW2 of a significant fertiliser plant in Kingisepp, Russia.

On 24 February 2022, Russia invaded Ukraine. On 9 March 2022, the EU imposed sanctions on the founder of the Eurochem Group, Mr Andrey Melnichenko. Eurochem NW2 made demands under the Bonds on various dates in August 2022. The Banks have declined to pay, on the basis that to do would be illegal because of the EU sanctions.