Commodities in Focus Weekly - O v C [2024] EWHC 2838 (Comm)
The English Commercial Court in O v C [2024] EWHC 2838 (Comm) ordered for the sale of a cargo of naphtha, with payment of its sale proceeds to be made into Court pending the result of an arbitration between Owners and Charterers, instead of a blocked account with a US financial institution (where only OFAC-authorized debits may be made). In doing so, the Court considered whether such an order would pose a real or fanciful risk of prosecution for breach of US sanctions.
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