Between the Russian legal entity (seller) and the French organization (buyer), an international sale contract has been concluded. Applicable law, the parties did not elect. They determined that payments for goods should be made with a letter of credit opened by a French organization in a French bank in favor of the seller, in accordance with the Unified Rules for Documentary Letters of Credit (ICC publication No. 500). Within the stipulated time period, the buyer opened a letter of credit, the amount of the letter of credit was withdrawn from his account, but due to the fault of the buyer's bank it was not transferred to the seller. The seller sued the buyer in the State Arbitration Court of the Russian Federation for the recovery of losses for breach of contract.
Determine the applicable law and resolve the dispute.

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