Writing as a trade finance professional with a long background in the business, Dave Meynell offers his personal views on factors contributing to the sharp reduction in ICC Official Opinions issued over the past several years.
Research conducted by Fitch Ratings suggests that European banks appear to be increasing lending to commodity trading firms facing extraordinary liquidity needs due to fierce commodity price volatility.
According to multiple trading sources cited by Reuters, at least three major buyers of Russian oil have been unable to open letters of credit from unnamed “Western banks” to cover purchases on 24 February 2022.
