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

In the light of my conclusions as to Mr Melnichenko’s ownership and control of EuroChem NW2, Article 2 prevents any payment under the Bonds to EuroChem NW2. This is the clear view of the DGT and of the CSF. It is also my view.

There is a presumption that any funds provided to EuroChem NW2 may be transferred to Mr Melnichenko. In the case of EuroChem NW2 (as distinct from EuroChem AG), the Claimants made no attempt to displace the presumption. Doing so would have required them (at least) to call evidence from MCC EuroChem.

The Assignment makes this academic, at least for the time being, because the Banks are not presently being asked to pay EuroChem NW2. However, if the Assignment were to be reversed under clause 3 of the Side Letter, it would again be relevant.