Irish aircraft lessors AerCap and Aircastle have been thwarted by the UK’s Supreme Court in their efforts to claim payments from UniCredit over planes stranded in Russia. The lessors’ issues with UniCredit date back to the start of Russia’s full-scale invasion of Ukraine in 2022 and the sanctions that followed. Subsidiaries of the two lessors have been pursuing UniCredit through the English courts over letters of credit confirmed by the Italian bank in relation to aircraft leased in Russia. The subsidiaries are AerCap’s Celestial Aviation and Aircastle’s Constitution Leasing, both incorporated in Ireland. Many lessors found themselves with aircraft leased…

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