Takeaways The English Court recently confirmed that sanctions do not excuse non-payment to a non-sanctioned party where the aircraft lease arrangements and related letters of credit were created before sanctions came into effect: Celestial Aviation Services Limited, Constitution Aircraft Leasing (Ireland) 3 Limited and another v UniCredit Bank AG (London Branch) [2023] EWHC 663 (Comm). In 2005 – 2014, the claimants, two Irish aircraft lessors, entered into aircraft leases with Russian lessees. The leases were supported by standby letters of credit issued by Sberbank of Russia.