The UK’s Court of Appeal has handed down its judgment in a closely watched case related to payment obligations under sanctions. In Celestial Aviation Services Limited v UniCredit, UniCredit had argued it is not obligated to pay for letters of credit (“LCs”) opened in relation to an agreement with Celestial Aviation Services Limited for the lease of aircraft to Russian companies because payment would mean violation of Russia-related US and UK sanctions. It had based its case on Regulation 2...
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