Debate persists on when an independent undertaking is issued: upon leaving the issuer’s control or only when advised to the beneficiary. Various rules clarify issuance timing.
Energy companies TotalEnergies and Chevron are abandoning a gas project in Myanmar not due to existing sanctions on Myanmar’s military government and entities linked to it, but voluntarily out of concern that state-owned Myanma Oil and Gas Enterprise (MOGE) and Myanmar’s government are benefitting financially from the multinationals’ involvement in the project. According to Reuters, TotalEnergies had petitioned French authorities to impose targeted sanctions to prevent payments from flowing to MOGE.
Debate persists on when an independent undertaking is issued: upon leaving the issuer’s control or only when advised to the beneficiary. Various rules clarify issuance timing.
On 15 Feb 2023, DCSA members pledged to issue 50% of bills of lading (B/Ls) electronically by 2028 and 100% by 2030, aiming to cut costs and boost global trade.
