UNICREDIT BANK GMBH, LONDON BRANCH v CONSTITUTION AIRCRAFT LEASING (IRELAND) 3 LTD AND ANOTHER UNICREDIT BANK GMBH, LONDON BRANCH v CELESTIAL AVIATION SERVICES LTD

[2026] Lloyd's Rep. Plus 33

SUPREME COURT

Before Lord Hodge , Deputy President, Lord Sales , Lord Burrows , Lord Stephens and Lady Simler

Letters of credit – Sanctions – Letters of credit as security for aircraft lease agreements – Aircraft not returned to lessors upon termination – Whether interest accrued from when pay obligation arose until licence provided – Russia (Sanctions) (EU Exit) Regulations 2019 (SI 2019 No 855), Part 5, Chapter 2, regulation 28(3)(c) – Sanctions and Anti-Money Laundering Act 2018, section 44 – UCP 600, 2007.