On 30 March, the National Law Review reported that the High Court has ruled that the London branch of a German bank, which had issued confirmations of letters of credit issued by a Russian bank as security provided by Russian airlines for leases of aircraft, could have honoured the drawing of the letters of credit by the lessors without violating the UK sanctions against Russia and without the need to obtain a licence from the UK Government to make the payments pursuant to the letters of credit. It says that, as the court pointed out, this decision is relevant because it gives guidance to other aircraft lessors and letter-of-credit issuers or confirming banks as to whether a the drawing on a security deposit letter of credit issued to a lessor of an aircraft to a Russian airline may be honoured without violating sanctions.
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