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Commodities in Focus Weekly: Singapore Court of Appeal decision in Kuvera Resources Pte Ltd v JPMorgan Chase Bank, NA
It is increasingly common for parties to include as an additional term of the contract a clause that gives a party the right to either suspend or terminate a payment obligation in the event of a breach of sanctions. In the case of Kuvera Resources Pte Ltd v JPMorgan Chase Bank, NA1, the Singapore Court of Appeal decided that under Singapore law, a sanctions clause must be construed objectively and strictly in order for a party to rely on it.
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1 Court of Appeal Decision can be accessed here: https://www.elitigation.sg/gd/s/2023_SGCA_28