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
State Bank of Pakistan (SBP), Pakistan’s central bank, initiated a curb on imports in order to control foreign currency outflow due to Pakistan’s depleting foreign currency reserve situation.
Citing inflation as a major challenge in the coming months, Bangladesh’s Metropolitan Chamber of Commerce and Industry (MCCI) recommended
An April 2022 government-imposed ban on imported goods categorized as luxury items intended to curb the outflow of dwindling foreign
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