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Letter of credit
A documentary credit (letter of credit) is our written commitment to pay a certain amount to the seller of goods providing the latter submits specific documents in compliance with the terms of letter of credit.
Letters of credit are issued in accordance with the rules of the International Chamber of Commerce (depending on the terms and peculiarities of а commercial deal).
Major Terms of Issuing a Letter of Credit:
- The letter of credit should have a coverage to be opened in your name; it will be entered into your special coverage account.
- The scheme of your special coverage account, interest rate accrued on the account balance and other terms will be specified in a relevant agreement.
- In the event of partial availability or absence of your own funds, we will consider the issue of providing you with a line of credit.
For additional information and advice on issuance of documentary credits you can turn to our Head Office, International and Exchange Operations Division.