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Insurance and Reinsurance Weekly: UKSC sanctions decision on letters of credit; FCA FPP update; EU ESG stress-testing guidelines; EIOPA retail performance and Solvency II reporting changes - 2 April 2026

Published on: 02 April 2026

Published by a LexisNexis Insurance & Reinsurance expert
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In this issue:

  • Cases and decisions
  • UK Regulation
  • EU Regulation
  • Cases tracker
  • Dates for your diary
  • Daily and weekly news alerts
  • LexTalk®Insurance: a Lexis®Nexis community

Cases and decisions

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 unanimously rejected the appellants’ appeal and upheld the respondent’s cross‑appeal, deciding that reg 28(3)(c) of the Russia (Sanctions) (EU Exit) Regulations 2019 (SI 2019/855) prevented payments under the letters of credit until UK licences were secured; consequently, both the payment obligation and the accrual of statutory interest were paused. The court also concluded that section 44 of the Sanctions and Anti‑Money Laundering Act 2018 supplies a defence in civil proceedings, which would have protected the respondent from liability for debt, interest and related costs where it reasonably believed it was acting in line with the Regulations, underscoring the public aim of sanctions to pressure Russia by disrupting strategic sectors such as aviation. See: [2026] UKSC 10.

UK Regulation

  • FCA opts against further action on historic FPP conduct after a supervisory assessment
  • The Treasury...

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