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

EuroChem NW2’s initial demands under the Bonds were made on 4 August 2022. All except the demand made to SocGen Milan were rejected on the basis that they were technically non-compliant with the terms of the Bonds.

In respect of all the Bonds except that issued by SocGen Milan, EuroChem NW2 served fresh demands on 10 and 11 August 2022. They were all in similar form and all notifying the respective Bank that “… a Contractor has defaulted in its obligations under a Contract…” In ING’s case, the demand then went on by giving some details about the nature of the alleged defaults, including the contractual provisions which were said to have been breached by Tecnimont and/or MT Russia.

In each instance, EuroChem NW2 instructed that payment be made to its Euro account with Gazprombank in Moscow, via a correspondent bank in Luxembourg.