Russia
Aviation Litigation Takes Off, Aircraft Stranded in Russia
Even in the initial weeks following imposition of sanctions after Russia’s February 2022 invasion of Ukraine, the aviation industry
Equador Cautions Trafigura of Russian Origin Diesel Discharge
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”
BAFT 2022 Global Annual Meeting: Executive Summary
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.
Report: Russia Seeks Reversion to Paper LCs with India
As an alternative to use of SWIFT for the sending of letters of credit, the Bank of Russia and Reserve
Sri Lanka Seeks Coal, but no LCs to Back Sales
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.
Asia Traders Ready, Willing, Unable to Buy Russian Coal
Citing an inability to find an appropriate payment arrangement, would-be purchasers of discounted Russian thermal coal based in Asia have
EU Adopts Fifth Round of Sanctions Against Russia
On 8 April 2022, the Council of the European Union imposed restrictive measures against an additional 217 individuals and 18
Aviation Company Says Bank Wrongfully Dishonored LCs Backing Russian-Leased Planes
Celestial Aviation Services, a subsidiary of Irish-based aircraft leasing giant AerCap, filed a USD 45.8m suit in London High
Majority of Jets Leased to Russia Remain Unrecovered
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
Sri Lanka Gov Purchased Coal from Russian Trader
According Reuters reporting, a Sri Lankan government official has affirmed that the country has purchased two cargoes of 60,000
FinCEN Alerts of Possible Russian Sanctions Evasion Tries
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.
SWIFT Disconnects Designated Russian, Belarusian Entities from Network
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.
