In 2018 - 2020 the Claimant Owners (a subsidiary of an Irish entity ultimately owned by a Russian one) entered 7 ten-year bareboat charters with Pola, effectively a financing with rights to buy, and performance guaranteed by Ds2-4. Following the invasion of Ukraine, imposition of Sanctions on Owners, and withdrawal of insurances, Pola declared that the C/Ps had been terminated by Frustration or repudiatory breach, relying on their contractual right to quiet use. The Claimants (once permitted by the authorities to receive payments), sued Pola and Ds 2-4 for unpaid hire. The Court ruled that the C/Ps clearly allocated loss of use risk to Charterers and issued summary judgment totalling some USD40m against all 4 Ds.
Read the full judgement here