Obligations Under the Letter of Credit Are Subject to Mandatory Execution, Despite the Sanctions Imposed
The High Court of Justice on March 3, 2023 ruled on the dispute between UniCredit Bank (UK) and aviation companies Celestial Aviation Services Limited (Ireland, a subsidiary of AerCapHoldings N.V. (Netherlands)) and Constitution Aircraft Leasing (Ireland) on the issue of payment of funds under letters of credit of Sberbank.