Russia SWIFT cut off & Egypt imports comprehensive requirements for letter of credit payment
Russia SWIFT cut off & Egypt imports comprehensive requirements for letter of credit payment
In the early morning of February 27, Beijing time, the United States and the European Commission, Germany, France, the United Kingdom, Italy, and Canada issued a joint statement, deciding to exclude some Russian banks from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) payment system, and to the Central Bank of Russia. Implement restrictions to prevent it from deploying international reserves to weaken the impact of sanctions.
The latest sanctions will ensure that Russian banks are cut off from the international financial system, "damaging their ability to operate globally," according to a joint statement issued by several countries. This means that Russian banks will not be able to communicate securely and efficiently with foreign banks.
From March, Egyptian importers can only import goods using letters of credit and instruct banks to stop processing exporter collection documents. There are even Egyptian customers who have requested that the order is being shipped, and the date of the bill of lading should be changed to before 2.12, otherwise the shipping company needs to issue a certificate.
It is reported that the move is to facilitate the Egyptian government to strengthen import supervision and reduce its dependence on foreign exchange supply.
On February 17, Egypt's central bank eased some of the restrictions again, excluding essential goods such as wheat, corn, beans, poultry, milk powder, chemicals and medicines from the list of imported goods to which the new payment rules apply.
