The Commercial Court held that an FCA-regulated broker was not obliged to transfer US$16.5 million to a client designated under US Iran sanctions, as doing so would breach US law. The case clarifies the narrow scope of the Ralli Bros principle and highlights the importance of licences in sanctions compliance.
Author(s):
Shaistah Akhtar, Partner
shaistah.akhtar@mishcon.com
Maggie Christiansen, Legal Director
maggie.christiansen@mishcon.com
Frances Beddow, Associate
frances.beddow@mishcon.com
Lillie Hempsell, Trainee Solicitor
lillie.hempsell@mishcon.com