By Maya Lester KC & Michael O’Kane

English judgment says UK & US sanctions didn’t affect obligation to pay under letter of credit

The Commercial Court yesterday gave judgment in Celestial Aviation Services v UniCredit Bank and Celestial Aviation Services Limited v. UniCredit Bank AG. UniCredit refused to make payment to aircraft lessors under letters of credit opened in relation to the lease of aircraft to Russian companies, on the basis that it would be unlawful to make payment under UK and US …

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About Maya Lester KC

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Maya Lester KC is a senior barrister (King’s Counsel) at Brick Court Chambers with a wide-ranging practice in public law, European law, competition law, international law, human...

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