ICC Prepares Alignments of ISBP745, eRules
Following its decision to initiate a six-month review of all 140 ICC Opinions issued since formulation of ISBP745 in 2013
English Court Says Sanctions Did Not Prevent Bank from Paying under LCs
Further to previous reporting (“Aviation Company Says Bank Wrongfully Dishonored LCs Backing Russian-Leased Planes”, April 2022 DCW 6), the Commercial
Euros Instead of Dollars Due to Force Majeure Clause?
Court of Appeal allows payment in Euros despite contract in US Dollars. Implications for LCs & guarantees? RTI vs. MUR case questions currency and force majeure clauses' role in trade finance.
ICC Re-Releases Guidance Papers on Aspects of UCP Use
ICC republished four guidance papers on recommended principles and usages around the UCP600 rules in February 2023. The collection of
UK Effort Aims to Expose Duplicate Financing Fraud by Year-End 2023
A collaborative initiative underway among the International Chamber of Commerce United Kingdom (ICC-UK), the Centre for Digital Trade and Innovation
CPI Reference in Counter LC Text: What’s the Ultimate Obligation?
In a recent group discussion, LC professionals took up the matter of guarantee text referencing a consumer price index (CPI)
Egyptian LC Policy Weakened Trader Confidence
At year-end 2022, the Central Bank of Egypt (CBE) announced cancellation of its mandate requiring use of letters of credit
Indian High Court Reverses Order, Denies Injunction
In Wellington Cantonment Board v. Gharpure Engineering & Constructions, the Madras High Court (India) set aside a District Judge order
Accounting Scandal Raises Questions about Supplier Finance
Published reports about the sudden collapse of Americanas SA into bankruptcy protection in mid-January 2023 suggest that the major Brazil
Turkey Declares State of Emergency after Quakes
Turkey, by way of Presidential Decree No. 6785, has declared a three-month state of emergency in ten provinces impacted by
EU Banks, Corporates Cautiously Optimistic While Awaiting Decision on Treatment of Trade Finance Products
EU Parliament may keep trade finance instruments' CCF at 20% instead of 50%. Trade specialists urge caution; Cazenove of Societe Generale warns against potential risks to corporates and economies.