IMPACT OF EU AND US SANCTIONS AGAINST RUSSIA AND IRAN ON TRADE FINANCE
Journal Title: Medzinárodné vzťahy - Year 2019, Vol 17, Issue 3
Abstract
Sanctions imposed by the European Union and USA against Russia and Iran have important impact on trade finance as well. Banks should not violate sanctions regimes when they are realising their trade finance transactions. In 2014, International Chamber of Commerce issued a Guidance Paper on the use of Sanctions Clauses in trade finance related instruments, including letters of credit, documentary collections, bank guarantees, and subject to ICC rules. The purpose of this paper is to highlight a certain issues arising from the use of sanction clauses and recommend the best practice for finance transactions and instruments.
Authors and Affiliations
Eva Jančíková
Keywords
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