The judgment handed down by Delhi’s High Court in February concerned a fairly straightforward trade finance dispute. On one side, an exporter claimed it was owed money as the beneficiary of a letter of credit (LC); on the other, a bank argued it wasn’t obliged to pay. The twist? The LC had been issued more…| Global Trade Review (GTR)
The UK’s top crime and sanctions enforcement agencies have warned banks to be on the lookout for efforts by a Russian oil trading network to access trade finance. The National Crime Agency (NCA) and the Office of Financial Sanctions Implementation (OFSI) say in a “red alert” published on July 2 that sanctioned entities are using…| Global Trade Review (GTR)
Stronghold Global Finance, a UK-based trade finance firm, went into administration in August last year following a High Court order.| Global Trade Review (GTR)
HSBC will no longer report interest income from its global trade finance unit, while continuing to disclose fee and commission revenue. The London-headquartered lender bills itself as the world’s largest trade bank and says it facilitated US$850bn in trade flows last year, making its earnings a bellwether for global trade activity. It previously included total…| Global Trade Review (GTR)
