INTEL
Status: blockedCLUSTERNovorossiysk-Turkish-Med Dark Fleet Cluster added — confirmedStatus: blockedCLUSTERPinnacle Petrol LLC added — likelyStatus: blockedCLUSTERSimar Chahal added — confirmedStatus: blockedCLUSTERSSW Kafcima added — likelyStatus: blockedCLUSTERNW Corp Singapore added — likelyStatus: pendingCORPUS429 entities · 64 countries
All terms

Payment instrumentsmt700

MT700

SWIFT message type for issuing a documentary letter of credit.

MT700 is the SWIFT message type used to issue a documentary Letter of Credit (LC). It specifies applicant (buyer), beneficiary (seller), amount, expiry, documents required, and the terms of payment.

In physical oil trade, the LC is usually "at sight" against presentation of: commercial invoice, Bill of Lading, SGS inspection certificate, and origin certificates. Confirmed LCs via first-class banks (issuing + confirming) are the standard for emerging-market counterparties. UK/EU/US buyers with strong covenants may also use CAD (cash against documents) directly.

OilFlow Network never acts as applicant, beneficiary, issuing, advising, or confirming bank — the platform coordinates between parties via partner banks.

Related: LC, DLC, CAD.

See also

lcdlccad

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