In this episode, Naomi Wilkinson and Hannah Pring, founders of SanctionsIQ, unpack the landmark case of UniCredit Bank GmbH v Celestial Aviation Services Ltd. They explore what happens when businesses find themselves caught between sanctions legislation and contractual obligations, and how a series of court decisions ultimately overturned the market's understanding of how Letters of Credit operate and when payments could lawfully be made. The case raises fundamental questions about sanctions clauses, legal uncertainty and who bears the risk when compliance and commercial obligations collide.