How UCC Article 5 governs letters of credit in the US, its non-variable provisions, and the legal nuances that affect issuers and beneficiaries.
English Court of Appeal (Civil Division) reversed trial judgments in favour of standby beneficiaries.
Canada's Court of Appeal of Alberta affirmed trial judgment, dismissing LC Applicant's appeal and terminating short term interim injunction.
On 3 August 2022, the European Union issued notice to operators in which it granted “specific and temporary derogations and exceptions” for some EU member states and certain entities to prohibitions stipulated in EU Council Regulations regarding the import of Russian crude oil or petroleum products into the EU.
In Notice 2022/C 296/05, published in the Official Journal of the European Union, it also cautioned:
“Although importers are those primarily responsible for complying with the oil related sanctions, all actors involved in oil imports into the EU – including carriers, insurers and financial institutions opening credit lines or issuing letters of credit – are advised to exercise due diligence so that they do not engage in carrying or insuring the transport of Russian crude oil for import into the EU. This results from the prohibition to provide technical assistance, financing or financial assistance in relation to the purchase, import or transfer of crude oil and petroleum products” contained in provisions of EU Council Regulation 833/2014.
English Court of Appeal (Civil Division) reversed trial judgments in favour of standby beneficiaries.
This Executive Summary provides an overview of topics discussed and debated by leading professionals at the conference.
Five draft opinions – some garnering much more attention than others – were finalized in an ICC Banking Commission quarterly discussion session
Following the discussion of ICC Opinions on 2 July 2024, updates on other ICC Banking Commission projects were given. ICC
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