Commodities in Focus Weekly - Issue 76

Euronav Shipping NV v Black Swan Petroleum DMCC¹ - Commercial Court declines to grant anti-anti-arbitration injunction on discretionary grounds

Despite meeting the legal test, the Commercial Court refused to grant the applicant's anti-anti-arbitration injunction ("AAAI") for reasons including comity and delay.

Background

Black Swan Petroleum DMCC ("BSP") had stored a cargo of crude oil onboard a vessel owned by Euronav Shipping NV ("Euronav") and anchored in a Malaysian port. Euronav subsequently surrendered possession of the cargo to the US Department of Justice on the basis that it was sanctioned under US law.

¹ [2024] EWHC 896 (Comm) (26 April 2024)