Court Cautious on Sanctions and Letters of Credit -
The Court of Appeal has delivered a decision in Celestial Aviation Services Ltd. v. UniCredit Bank GmbH, London Branch1 in relation to whether UniCredit could withhold payment under certain letters of credit in light of international sanctions imposed on Russia and many of its institutions by the United Kingdom, the United States and the European Union (the Sanctions) following Russia’s invasion of Ukraine – a decision which will be of interest to the aviation finance community.
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