Official Journal of the European Union

C 280/34

(Case T-542/17) (*)

(Arbitration clause - Port of Tartous Loan Agreement No 22057 - Non-performance of the agreement - Repayment of the sums advanced - Default interest - Procedure by default)

(2019/C 280/49)

Language of the case: English

Parties

Applicant: European Investment Bank (represented initially by: P. Chamberlain, T. Gilliams, F. Oxangoiti Briones and J. Shirran, and subsequently by F. Oxangoiti Briones, J. Klein and J. Shirran, acting as Agents, and D. Arts, lawyer, and T. Cusworth, Solicitor)

Defendant: Syrian Arab Republic

Re:

Action pursuant to Article 272 TFEU, seeking an order that the Syrian Arab Republic repay sums due under Port of Tartous Loan Agreement No 22057, plus default interest.

Operative part of the judgment

The Court:

1.Orders the Syrian Arab Republic to repay the European Union, represented by the European Investment Bank (EIB), the sum of EUR 20 609 429,45;

2.Declares that those sums are to bear default interest, in accordance with the method laid down in Article 3.02 of Port of Tartous loan agreement No 22057, entered into by the EIB and the Syrian Arab Republic on 22 May 2003 and amended on 17 May 2006, 21 May 2007 and 10 July 2008, on the principal amounts and on the contractual interest, from 9 August 2017 until the date that payment is made;

3.Dismisses the action as to the remainder;

4.Orders the Syrian Arab Republic to pay the costs.

(*) Language of the case: English.

(OJ C 369, 30.10.2017)