Collyer Consulting

Recent News

26/11/2024

The latest newsletter is now available in the members trade information section under the category of 'Newsletters'...more

ICC release Technical Advisory Briefing No. 11 - Definition of Trade Finance 19/09/2024

Recognising that there is no global standard for the defining Trade Finance, this Briefing document provides a suggested text and has been recommended for use by the ICC Banking Commisison Steering Committee...more

Latest Question

We are currently handling a case where our customer has raised a concern regarding a recent transaction that was flagged due to the vessel calling at Lattakia Port, Syria — a jurisdiction under comprehensive U.S., EU, and UK sanctions. The customer had no prior knowledge that the vessel would make a stop at this port and had engaged a globally reputed and compliant shipping company to handle the shipment. Given the reputability of the carrier and the lack of transparency around intermediate port calls, the customer is seeking advice on how such occurrences can be proactively mitigated or controlled in future transactions to avoid potential sanctions exposure, especially in cases involving USD payments. Could you please advise what best practices or contractual safeguards exporters can consider to ensure the vessels used do not call at sanctioned ports post-loading? Are there specific clauses or due diligence steps that could be integrated during the booking or contracting stage with shipping lines to minimize this risk? Your professional insight would be greatly appreciated.

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January 2020

Recent News

26/11/2024

ICC release Technical Advisory Briefing No. 11 - Definition of Trade Finance 19/09/2024

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