Another arbitration matter, wherein AstapovLawyers represented the respondent, a large Russian grain trader, was successfully completed. The arbitration matter commenced by a Yemen trading company (names of the parties can not be disclosed for the reasons of confidentiality) lasted almost a year and the Award of arbitration was issued on the eve of New Year. The amount of the claim was in excess of USD 5 millions and the respondent's counterclaim was over USD 200 thousands.

The Award of the GAFTA Tribunal (London, UK) was issued in favor of the respondent and confirmed that in the absence of a properly established letter of credit the seller is not obliged to commence loading of the goods on the vessel. The Arbitrators have as well confirmed a number of the respondent's arguments, including the issue that if the contract provides for a confirmed letter of credit, lack of such confirmation is considered as a breach of the payment obligation under the contract allowing the aggrieved party to terminate the contract.

As all disputes at GAFTA, the present case was heard on the basis of applicable English law.

In the arbitration proceedings our Client was represented by AstapovLawyers' Senior Associate Mr. Eugene Blinov and Associate Mr. Oleksiy Sereda.