This month, we're spotlighting the challenges and hard-earned lessons emerging from LC disputes and sanctions enforcement crackdowns. Carter
DCW maintains a list of recently-decided court cases involving commercial letters of credit, standby LCs, demand guarantees, and other trade
Continuing an annual survey written by top legal experts each year since 1992, Carter Klein examines the most significant letter of credit issues emerging from cases decided in 2023.
US Treasury’s Financial Crimes Enforcement Network (FinCEN) and the US Department of Commerce’s Bureau of Industry and Security
Two dozen unnamed international banks have agreed to confirm LCs supporting grain imports from Russia, according to a 25 Aug
After months of depleting US dollar reserves and denial of importers’ LCs amid the country’s dire foreign currency crisis, some Sri Lankan banks have managed to honour LCs.
A small portion of India’s USD 16m import order for 36,000 Vande Bharat train wheels from a Ukrainian
A recent Paper released by S&P Global Market Intelligence offers insights on developments stemming from the increase in
Russia’s largest bank, Sberbank, was designated by the European Union in its seventh package of sanctions against Russian persons
One ICC Opinion, TA925, was discussed at the ICC Banking Commission’s latest quarterly meeting on 12 July 2022 and
Even in the initial weeks following imposition of sanctions after Russia’s February 2022 invasion of Ukraine, the aviation industry
Vincent M. Maulella, longtime banker, U.S. Army veteran, and father of four, passed away on 25 June 2022 at
Economic sanctions challenge lawyers to navigate compliance and regulatory interpretations. The historical case of Shanning International v. Lloyds TSB Bank highlights the ongoing nature of demand guarantees amidst changing sanctions. Recent US OFAC views also complicate trade finance obligations.
Regarding possible revision of ICC Rules and/or Practices, the ICC Banking Commission announced on 12 July 2022 that the
Petroecuador, Ecuador’s state oil company, has cautioned Trafigura Group about avoiding importing fuel of Russian origin after the commodity trader reportedly “finished discharging a cargo of mostly Russian diesel at the Ecuadorian port of Esmeraldas”
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