The use of clauses related to sanctions in trade transactions has become a problematic issue for banks involved in international trade, and particularly in letters of credit. The ICC Commission on Banking Technique and Practice therefore has decided to draw the attention of the trade finance community to the use and impact of sanction clauses.
With these guidelines, ICC’s primary intention is to make practitioners aware of the need to be careful in their choice of counterparties or service suppliers and to emphasize that it is their responsibility to ensure that they do nothing that brings into question the irrevocable nature of the credit or guarantee, the certainty of payment, or the intent to honour obligations.
The guidelines were drafted under the stewardship of the ICC Task Force on Anti-Money Laundering, a standing body composed of more than 60 experts in the anti-money laundering field.
Inclusion and implication of sanction clauses in bank transactions
Examples of sanction clauses
- Open letter to the Secretary General of the WCO: ATA Carnets issued in Ukraine
- Multi Systems for Proof of Origin in Preferential Free Trade Agreements
- Recent trends in trade and trade finance: Impact of the Covid-19 crisis and challenges ahead
- Standards Toolkit for Cross-border Paperless Trade
- eUCP VERSION 2.0 – ICC Uniform Customs and Practice for Documentary Credits
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