Sanctions clauses that are wisely or imprudently constructed continue to be inserted into trade finance instruments and may heavily impact the legal rights and transactional obligations of involved parties.
Various articles from the June 2024 edition of DCW caught the attention of ICC Banking Commission Senior Technical Advisor Dave Meynell who offers the following comments.
In a high profile case involving standby letters of credit issued in connection with aircraft leases to Russian airlines and
To secure lease obligations for civilian aircrafts, AirBridge Cargo Airlines LLC and JSC Aurora Airlines (collectively, “Applicants”), Russian companies, applied for and caused Sberbank Povolzhsky Head Office (Issuer) to issue seven standby letters of credit[[1]] in favor of Celestial Aviation Services Ltd. (Celestial-Beneficiaries), an Irish aircraft lessor.[[2]] The standbys were later confirmed by UniCredit Bank, London Branch (Confirming Bank),[[3]] were subject to English law and UCP600, and were payable in US dollars.
Various articles from the June 2024 edition of DCW caught the attention of ICC Banking Commission Senior Technical Advisor Dave Meynell who offers the following comments.
In a high profile case involving standby letters of credit issued in connection with aircraft leases to Russian airlines and
In a bankers’ discussion this month, conversation focused heavily on standby LCs, particularly the handling of amendments. One of questions
England and Wales’ High Court of Justice has determined that legal proceedings between aircraft leasing companies and insurers over aircraft
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