The Law Debenture Trust Corpn plc v Ukraine

Subject Matter

INTERNATIONAL LAW — Exercise of sovereign authority — Contract — First sovereign state issuing tradable Eurobonds — Second sovereign state acquiring entire issuance — Acts of second state allegedly causing first to default — Trustee at request of second state bringing claim against first state for final repayment amount and applying for summary judgment — Whether transaction void for first state’s lack of capacity or finance minister’s lack of authority — Whether trade restrictive measures or threats of use of force by state against another affecting private law contract justiciable — Test for implication of terms in transferable financial instruments — Whether English court competent to rule on countermeasures in public international law — Whether acts of aggression by second state constituting other reason to proceed to full trial despite first state having no real prospect of defending claim — Whether summary judgment to be granted

[2017] EWHC 655 (Comm); [2017] QB 1249; [2017] 3 WLR 667; [2017] WLR (D) 226, QBD

INTERNATIONAL LAW — Exercise of sovereign authority — Contract — Russian Federation acquiring entire issuance of transferable Eurobond notes issued by Ukraine — Trustee at Russia’s request bringing claim against Ukraine for final repayment amount and applying for summary judgment — Whether Ukraine having capacity to issue notes — Whether Ukrainian Minister of Finance having ostensible authority to agree to issue of notes — Whether Ukraine’s defence of duress justiciable — Whether implied term that Russia would not prevent performance by Ukraine of obligations under notes — Whether summary judgment to be granted

[2018] EWCA Civ 2026; [2019] QB 1121; [2019] 2 WLR 655; [2018] WLR (D) 583, CA

INTERNATIONAL LAW — Exercise of sovereign authority — Contract — Russian Federation acquiring entire issuance of Eurobond notes issued by Ukraine — Trust deed constituting notes governed by English law with English courts having exclusive jurisdiction — Trustee at Russia’s request bringing claim against Ukraine in respect of non-payment of sums due under notes — Whether Ukraine having real prospect of successfully defending claim — Whether Ukraine having capacity to issue notes — Whether Ukrainian Minister of Finance having ostensible authority to agree to issue of notes — Whether Ukraine having arguable defence of duress — Whether Ukraine having arguable defence that payment withheld under doctrine of countermeasures

[2023] UKSC 11; [2024] AC 411; [2023] 2 WLR 699; [2023] 3 All ER 175; [2023] 2 All ER (Comm) 191; [2023] WLR(D) 127; The Times, 3 April 2023, SC(E)

Appellate History

Commentary

UK Supreme Court Blog
Case Preview: The Law Debenture Trust Corporation plc v Ukraine Case comment

New Judgment: The Law Debenture Trust Corporation plc v Ukraine (acting upon the instructions of the Cabinet Ministers of Ukraine) [2023] UKSC 11 Case comment