This month, DCW unpacks the legal and practical shifts reshaping trade finance interpretation. Why are ICC Opinions becoming increasingly scarce?
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.
With the causation defence being increasingly engaged in misdelivery cases, there is a great deal for banks and shipowners to learn from The “Maersk Katalin” case.
Vincent M. Maulella, longtime banker, U.S. Army veteran, and father of four, passed away on 25 June 2022 at
Economic sanctions challenge lawyers to navigate compliance and regulatory interpretations. The historical case of Shanning International v. Lloyds TSB Bank highlights the ongoing nature of demand guarantees amidst changing sanctions. Recent US OFAC views also complicate trade finance obligations.
Regarding possible revision of ICC Rules and/or Practices, the ICC Banking Commission announced on 12 July 2022 that the
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”
Following its review under the Extended Fund Facility (EFF) for Pakistan, the International Monetary Fund (IMF) announced on 29 August an immediate disbursement of USD 1.1b in financial assistance to Pakistan.
In a recent discussion, US west coast bankers considered a Commercial Export LC indicating in SWIFT Field 44F: “Port of
In its June 2022 list of jurisdictions under increased monitoring, the Financial Action Task Force (FATF) identified 23 jurisdictions with
In the latest of its ongoing series of technical advisory briefings released on 27 June 2022, the ICC Banking Commission addressed the subject of “Reducing Discrepancy Rates under Documentary Credits” (TAB-3)
Another scenario discussed in the meeting of US west coast bankers centered around a commercial LC requiring under 46A: 1.
In a move to curb use of ante-dated LC documentation to circumvent Indian law banning wheat exports, India’s Directorate
Stung by the massive letter of credit scandal committed against Punjab National Bank (Feb 2018 DCW 44), India’s central
Prime Minister Shehbaz Sharif has promised that the Pakistani government will intervene on behalf of oil refineries facing potential shutdown
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