On 24 April, an article from Eversheds Sutherland said that, to address trade sanctions risk, an increasing number of financial institutions are incorporating sanctions clauses into their letters of credit. This raises some major practical legal points for financial institutions to consider when they issue LC incorporating sanction clauses or receive LC with sanctions clauses.
https://www.eversheds-sutherland.com/global/en/what/articles/index.page?ArticleID=en/global/Hong-Kong/Letter_of_Credit_Sanctions_Clause_How_to_Properly_Handle
https://www.buymeacoffee.com/KoIvM842y
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Author: raytodd2017
Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section
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