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On 29 January 2016, Bermuda’s Supreme Court handed down its ruling in Cornhill Natural Resources Fund Limited v Libyan Investment Authority, et al,  SC Bda 9 (Com), a case concerning the meaning and effect of the Libya (Restrictive Measures) (Overseas Territories) Order 2011. It is the first ruling by a court on sanctions legislation affecting the offshore world.
Around the world, onshore and offshore statute books are filling up with a bewildering array of sanctions regimes. Sanctions legislation is, in general, aimed at international business in order to isolate regressive regimes from the international economy. Such legislation naturally impacts offshore businesses, in particular insurers and hedge funds.
The Cornhill case shows some of the practical difficulties which businesses must grapple with when dealing with sanctions legislation and it shows the benefits of seeking court guidance at an early stage.
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Lost in Translation: International Sanctions in Bermuda
This article was first published in Euromoney, March 2016