International Trade Series: Fictitious Trades & Letters of Credit

In this episode of our International Trade Series, we discuss the how letters of credit interact with fictitious trades and circular trades.

We explain the remarkable case of Winson Oil, and why the bank was applying to refuse payment under a letter of credit, while many subsequent cases involving Glencore and the more recent case of China Aviation Oil, failed.

Subscribe

Insights

  • Articles
2026 Risk Mitigation Report: Risk, Resilience & Recovery
A key report for stakeholders navigating risk and how to structure design choices around verification,
  • Articles
The Force Majeure Fallout: Who Pays for the Hedge?
As vessels hesitate and cargoes fail to move, a familiar pattern emerges across commodity markets
  • Articles
ESG Series: The Devil Is in the Due Diligence: Mastering ESG Risks in Commodity Supply Chains
As vessels hesitate and cargoes fail to move, a familiar pattern emerges across commodity markets
  • Videos
BBC News Interview: Force Majeure in the Straits of Hormuz

With the recent announcement of a ceasefire, our Managing Director, Baldev Bhinder, shared his views