DCW maintains a list of recently-decided court cases involving commercial letters of credit, standby LCs, demand guarantees, and other trade
This month, we sort through some of the big questions shaping LC practice today. Is it time to rewrite UCP
Following his writing in the past two editions of DCW, Robert Parson examines legal developments on sanctions and sanctions clauses that have arisen in courts recently and implications for LC practice.
Even in the initial weeks following imposition of sanctions after Russia’s February 2022 invasion of Ukraine, the aviation industry
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”
In the 100th year of its organizational existence, BAFT conducted its Global Annual Meeting on 1-4 May 2022 in Washington, DC, as a hybrid event to accommodate in-person and virtual attendees. The conference began with a gala dinner to mark the centennial celebration.
As an alternative to use of SWIFT for the sending of letters of credit, the Bank of Russia and Reserve
Sri Lanka’s Power and Energy Minister has sought Cabinet approval for emergency purchases of coal, but importers have been informed by People’s Bank that it is not possible to open LCs.
Citing an inability to find an appropriate payment arrangement, would-be purchasers of discounted Russian thermal coal based in Asia have
On 8 April 2022, the Council of the European Union imposed restrictive measures against an additional 217 individuals and 18
Celestial Aviation Services, a subsidiary of Irish-based aircraft leasing giant AerCap, filed a USD 45.8m suit in London High
Foreign leasing companies which have supplied Russia’s airline industry with more than half of its 980 aircraft fleet recovered “only a fraction” of the jets
According Reuters reporting, a Sri Lankan government official has affirmed that the country has purchased two cargoes of 60,000
US Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an Alert on 7 March 2022, advising financial institutions (FIs) to be vigilant against efforts to evade sanctions.
In compliance with applicable sanctions laws and conforming to legal instructions issued by the European Union, SWIFT disconnected selected banks from its financial messaging services in March 2022.
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