COMMODITIES IN FOCUS WEEKLY ISSUE 147

Many international trade contracts contain arbitration clauses which dictate that, should a dispute arise, parties are to refer that dispute to arbitration, with the seats of arbitration all over the world. Similarly, many parties opt to have their disputes referred to the English courts because of the court’s reputation for being predictable, commercially focused and neutral, as well as their ability to recover legal costs.

The decision in Process & Industrial Developments Limited v The Federal Republic of Nigeria [2025] UKSC 36 clarifies how English courts will approach the currency in which costs awards are made, providing much needed certainty for parties who incur substantial legal expenses in foreign currencies and must navigate the risk of currency fluctuations. 

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