Court of Appeal gives judgment in leading commercial sanctions case

The Court of Appeal has allowed UniCredit’s appeal in Celestial Aviation Services Ltd v UniCredit Bank GmbH [2024] EWCA Civ 628, holding that the bank was prohibited from performing its payment obligations under letters of credit related to aircraft leased to Russian airlines. The Court also gave important guidance on the applicability of the statutory protection for acts taken for the purpose of compliance with UK sanctions laws (s.44 Sanctions and Anti-Money Laundering Act 2018).


The judgment can be found here


Rachel Barnes KC acted for UniCredit Bank with David Quest KC of 3 Verulam Buildings and James Sheehan of Essex Court Chambers.

13th June 2024

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