A suggestion has been put forward that UCP should cover exchange control regulations.
The first version of UCP, publication no. 82, included a disclaimer that banks assume no liability or responsibility for consequences arising out of the interruption of their business by a decision of a public authority. This remained for publication 151 but was dropped for publication 222 and ever since.
The fact is that exchange control regulations are a matter of national law and must be outside the umbrella of UCP.
Regulations and controls are not standardised globally nor do they remain static. As such, it would not be sensible for inclusion within ICC rules.
UCP 600 sub-article 37 (d) provides for the applicant to indemnify a bank against all obligations and responsibilities imposed by foreign laws and usages.
While exchange control issues are becoming less frequent, the UCP, since its origins, have never dealt with exchange control as a legal matter even though there were considerably more exchange control issues in the past.