Maire SpA and its two lenders won a U.K. court ruling against a €212 million ($243 million) demand by a company linked to a sanctioned billionaire.
EuroChem Group AG sued the Italian firm along with Societe Generale SA and ING Groep NV in 2022 in London over a giant construction project that was put on hold after Russia invaded Ukraine. The banks refused to pay a so-called performance bond provided as a guarantee by the Italian engineering group citing European Union’s sanctions targeting Andrey Melnichenko and his wife.
Payments under the bonds would be unlawful