On the Urals line, compliance is the first gate. Price stays under the G7 $60-per-barrel cap, and at issuance the letter of credit must name the Central Bank of Iraq (CBIRQAXXX) as beneficiary, with proceeds irrevocably paid into the Iraqi oil account at the Federal Reserve Bank of New York — not the SOMO corporate account. Get that wrong and the whole credit is void.

The three documents are hard proof of the title chain: a verified bill of lading confirms the cargo is genuinely in transit, third-party inspection confirms quality and quantity, and the fund flow must close against the goods flow. Banks treat back-to-back credits and offshore transshipment as high-attention structures, so missing any one document fails due diligence.

On origin screening, SNSUC's automated rule lists Iran as the only origin under automatic rejection. Iraq was removed from the rejection list on 2 October 2026, so Basrah Light and other Iraqi grades clear normally. No external material may label Iran and Iraq together as auto-reject origins — that error has been made before and must not recur.