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.
Russia’s largest bank, Sberbank, was designated by the European Union in its seventh package of sanctions against Russian persons and entities. Issued on 21 July 2022, EU Council Implementing Regulation 2022/1270 added 48 persons and 9 entities, including Sberbank, to those listed in EU Regulation 269/2014 who are subject to restrictive measures.
Previously sanctioned by the US and UK in April 2022, Sberbank was disconnected from SWIFT in June 2022.
As a result of its EU designation, Sberbank’s EU assets are frozen and it is prohibited from transactions with the exception of financial operations for the purchase, import, or transport of specified agricultural and food products. Transactions for the wind-down of the bank’s European presence will reportedly be permitted to continue for six months.
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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