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.

Insights

2026 Risk Mitigation Report: Risk, Resilience & Recovery
Pledge & Trust Receipts: When holding the BL does not give the rights of a BL Holder
2026 Market Outlook: Designing for Credit, Counterparty & Compliance Risk