Join us next week for a free webinar hosted by the Association of Trade Finance Compliance Professionals, exploring recent court
To secure lease obligations for civilian aircrafts, AirBridge Cargo Airlines LLC and JSC Aurora Airlines (collectively, “Applicants”), Russian companies, applied for and caused Sberbank Povolzhsky Head Office (Issuer) to issue seven standby letters of credit[[1]] in favor of Celestial Aviation Services Ltd. (Celestial-Beneficiaries), an Irish aircraft lessor.[[2]] The standbys were later confirmed by UniCredit Bank, London Branch (Confirming Bank),[[3]] were subject to English law and UCP600, and were payable in US dollars.
Low default rates, increased flexibility, technological advancements and evolving regulations make standby letters of credit (SBLCs) an appealing option in international trade
A dispute involving an ISP98 standby and litigation in two jurisdictions raises a host of considerations. Here, Carter Klein comments on five facets of the Shinetec (Australia) Pty Ltd. v. The Gosford Pty Ltd Australian appellate court decision.
In the third instalment of his DCW article series on major issues surrounding potential revision of UCP, ICC Banking Commission Senior Technical Advisor Dave Meynell confronts continuing misplaced reliance on strict compliance.
DCW delivers quarterly LC issuance statistics from the top 600 US-based banks. Here’s the latest data for 3Q 2024.
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