UNICREDIT BANK GMBH, LONDON BRANCH V CONSTITUTION AIRCRAFT LEASING (IRELAND) 3 LTD; UNICREDIT BANK GMBH, LONDON BRANCH V CELESTIAL AVIATION SERVICES LTD

[2026] UKSC 10, Supreme Court, Lord Hodge, Deputy President, Lord Sales, Lord Burrows, Lord Stephens, Lady Simler, 25 March 2026

Letters of credit – Sanctions – Whether interest accrued from when pay obligation arose until licence provided – Russia (Sanctions) (EU Exit) Regulations 2019, SI 2019/855, Part 5, Chapter 2, regulation 28(3)(c) - Sanctions and Anti-Money Laundering Act 2018, section 44 – UCP 600, 2007

Constitution and Celestial ("the lessors" or "the appellants") had leased aircraft to Russian entities or provided related services. Payment was to be under 12 irrevocable transferable standby letters of credit issued by a Russian bank and confirmed by the London branch of the German bank Unicredit ("the bank").