CL-2022-000456 - [2025] EWHC 1938 (Comm)

It is worth noting that the pending applications to the DGT and CSF are unlikely to change the conclusions that I have set out above. These NCAs have been asked (in essence) for authorisation for the Banks to pay EuroChem AG, in the light of the Assignment. It is for them to say whether or not the relevant transfers of funds would be consistent with Regulation 269, in the light of the firewall. I expect them to say that such transfers would be acceptable, in principle.

However, it is not for them to say whether the Assignment has any practical effect in so far as the Bonds themselves have not been assigned and remain frozen. In particular, it is not for them to opine on the meaning and effect, under English law, of an assignment that is limited to proceeds.

The position will be different if the outcome of any pending application is a determination that, contrary to the previous determinations, the Bonds themselves are not frozen.