Background
Letter of credit transactions, which include a wide range of services from the issuance of a letter of credit, to advising and payment, are one of the most popular products that help reduce payment risks in a trade transaction.
IBEC provides corporate clients with documentary products related to the issuance of guarantees both in the framework of their foreign economic activities and activities in local markets, including obligations under concluded credit agreements.
Product features

Advantages

Full range of operations
The Bank carries out all operations with export and import letters of credit on behalf of partner banks
Unique geography
The Bank uses its limit network not only for banks of member countries, but also for financial institutions in other countries
Terms of provision
Participation of a resident of the IBEC member country in the transaction.
A limit set for a partner bank (in case of no limit set, IBEC may carry out procedures to set the limit).
Conducting compliance procedures for the transaction and the parties of the transaction, incl. on the exporter and importer.
Preliminary agreement on the text of the letter of credit with IBEC.
Services
Services related to letters of credit within the framework of trade finance operations include:
advising letters of credit of partner banks and informing the client about letters of credit opened in their favor;
execution of letters of credit;
checking commercial documents and submitting them for payment to the issuing bank that opened the letter of credit;
translation (transfer) of the letter of credit;
performing a full range of operations related to settlements under letters of credit (including amending the terms of open letters of credit, checking documents, making payments on issued letters of credit and claiming payments under advised letters of credit, crediting export proceeds).
Tariffs
Operations in the form of documentary letters of credit are subject to the «Uniform Rules and Practices for Documentary Credit», published by the International Chamber of Commerce (ICC) in the latest edition. Transactions are subject to UCP600 or Bank of Russia Regulation No. 383-P dated 19.06.2012
Found a suitable product?
If you are interested in our offer, please send an application or call us.
Send an application
Do you have any question about our products?
If you are still not sure which product to choose, please ask a question or call us.
Ask a question
Projects
© 2021 IBEC Cookies Policy Privacy Policy Personal Data Processing Policy Site Map © 2021 IBEC
Website developed by ITECH.group