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), the country’s central bank, has lifted restrictions on Pakistani banks opening letters of credit
In advance of Ramadan 2023, the Pakistan government listed tea as an essential commodity in order to meet high domestic demand for tea, and the government ordered State Bank of Pakistan to issue mandatory instructions for banks to open letters of credit for tea, declaring tea a ‘primary import’.
In an effort to boost protection of the country’s dwindling foreign reserves, the government has directed all importers to
Citing media misinformation intended to create uncertainty in the oil and gas market, the State Bank of Pakistan (SBP) issued
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.
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.
Prime Minister Shehbaz Sharif has promised that the Pakistani government will intervene on behalf of oil refineries facing potential shutdown
State Bank of Pakistan (SBP) is requiring all banks to seek prior approval before financing imports.
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