IMPACT OF EU AND US SANCTIONS AGAINST RUSSIA AND IRAN ON TRADE FINANCE

Eva Jancikova ()
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Eva Jancikova: Faculty of International Relations, University of Economics in Bratislava

Medzinarodne vztahy (Journal of International Relations), 2019, vol. 17, issue 3, 210-223

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.

Keywords: sanctions; trade finance; letters of credit; documentary collections; bank guarantees (search for similar items in EconPapers)
JEL-codes: F20 F51 P33 (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:brv:journl:v:17:y:2019:i:3:p:210-223

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