The latest ICC Briefing paper (No. 6 on the subject of ICC Guidance Papers) has been made available by the ICC. The paper, as well as papers 1-5, can be viewed in the following link:
Lloyds, SocGen turn to eUCP for digital letters of credit 18/09/2026
Société Générale and Lloyds have completed a fully digital trade transaction between the UK and France, using Enigio’s technology, in what the French lender describes as a first-of-its-kind deal...more
UK Court endorsement of the letter of credit autonomy principle 18/09/2026
Although the central issue in the case of Trafigura v SONARA [2026] EWHC 1914 (Comm) concerned an anti-suit injunction to enforce the exclusive English jurisdiction clause in a sale contract, the Commercial Court's decision serves to reaffirm the principle and purpose underpinning letters of credit: that the obligation to pay under a letter of credit is autonomous and independent of the underlying trade transaction, the objective being to shift the risk of non-payment under the underlying contract from the seller to the buyer...more
