DCW maintains a list of recently-decided court cases involving commercial letters of credit, demand guarantees, and other trade finance instruments.
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In a high profile case involving standby letters of credit issued in connection with aircraft leases to Russian airlines and the applicability of sanctions regulations, England’s Court of Appeal has reversed a March 2023 decision of the Commercial Court in London and determined that the London branch of German bank, UniCredit, as confirming bank was justified to deny payment under the standbys.
See all related to Celestial Aviation
As previously reported in DCW, the Commercial Court in London decided in favour of Irish LC beneficiaries Celestial Aviation Services and Constitution Aircraft Leasing who had made credit-conforming demands on UniCredit, London branch for USD 69 million under standby LCs issued by Russia’s Sberbank.
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