On April 16-17, 2007, Vnesheconombank held a workshop for its employees and customers devoted to reviewing the new revision of the Uniform Customs and Practices for Documentary Credits (UCP 600). The new UCP revision prepared by the International Chamber of Commerce (ICC) is to come into force on July 01, 2007.
In order to study and analyze the new revision in great detail and work out recommendations on applying the new revision of UCP 600 the Bank invited one of the best world’s specialists in the documentary business, Vincent Maulella, associate director of the Institute of International Banking Law and Practice (U.S.), certified expert of the International Center for Letter of Credit Arbitration.
In V. Maulella’s opinion, at present, UCP 600 are the most substantial revision of ICC customs and practices. He stressed the importance of holding such workshops because a dialogue is the key to understanding ICC customs and practices themselves and to their practical use and interpretation throughout the world in the coming years.
A.V.Zelenov, Vnesheconombank’s Financial Institutions Department Director, who was a member of the ICC drafting group responsible for working out a new revision said “Almost four years of strenuous efforts made by the drafting group, the whole international community of specialists in documentary business, ICC national committees including the Russian one resulted in approving the new UCP revision. Our next step is to make preparations for moving to documentary payments under the new customs and practices. The most important thing at this stage is to train and develop personnel. This workshop is one of Vnesheconombank’s lines of activity in the documentary business.”
Origin: Press Office of Vnesheconombank
Contact person: Svetlana Nikitina
Phone: +7 (495) 208-46-93, Fax: +7 (495) 975-21-34
E-mail: press@veb.ru
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