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

The main focus before me was, rightly, the ownership and control of EuroChem NW2 and EuroChem AG. This meant that most of the evidence regarding ownership structure and the changes that were made after March 2022 related, narrowly, to the ownership structure upward from EuroChem NW2 to EuroChem AG, and then upward from EuroChem AG to the Trust level.

However, the issues in relation to control (as distinct from ownership) meant that there was also some evidence regarding changes that were made after March 2022 in relation to other parts of the EuroChem group. Most of this evidence was obtained by the Banks and Tecnimont.

Such changes were necessary because most of EuroChem’s manufacturing capacity was and is in Russia. Sanctions threatened the ability of EuroChem AG and any subsidiaries in the EU, or any nationals of EU countries, to do business with the Russian group entities. Similar problems would arise for subsidiaries in, or nationals of, other countries that imposed sanctions, notably the USA.

Significant changes therefore were required, and in due course were made over 2022/2023. The evidence relevant to this fell into four broad segments.