On 30 June, Hannaford Turner issued an article saying that there has been concern for many years amongst trade finance practitioners and corporates dealing with letters of credit (LC) that both the autonomy and irrevocability of LC are at risk of being undermined through the increasing use of a varied range of sanction clauses. In the article, the firm says that there are 2 questions – do the sanctions prohibit the issuance, confirmation, extension or payment under the LC; and it the issuing or confirming bank bound by those sanctions?
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