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Supreme Court: sanctions suspend letters-of-credit payments; FCDO guidance; aviation insurance claims; ground rent caps; T+1 equity ETDs; AFME competition proposals; IOSCO OTC consultation

Published on: 26 March 2026

Published by a LexisNexis Banking & Finance expert
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In this issue:

  • Sanctions
  • Aviation finance
  • Real estate finance
  • Debt capital markets
  • Derivatives
  • Daily and weekly news alerts
  • New and updated content
  • Useful information

Sanctions

Supreme Court confirms Russia sanctions pause payments under letters of credit pending licence and explains scope of SAMLA section 44 defence (UniCredit Bank GmbH, London Branch v Constitution Aircraft Leasing (Ireland) 3 Ltd; UniCredit Bank GmbH, London Branch v Celestial Aviation Services Ltd)

The Supreme Court has unanimously rejected the appellants’ appeal and upheld the respondent’s cross-appeal in 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. It ruled that regulation 28(3)(c) of the Russia (Sanctions) (EU Exit) Regulations 2019, SI 2019/855, prevented the respondent from making payments under the letters of credit until UK licences were obtained. As a result, the obligation to pay—and the accrual of statutory interest—was suspended, with the judgment also clarifying the ambit of the SAMLA section 44 defence...

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