WHAT WE DO / INTERNATIONAL TRADE / INTERNATIONAL TRADE SANCTIONS
The last 12-18 months have been a busy period for the imposition of international sanctions against various countries and entities across the globe. Events in the Middle East and North Africa have precipitated an increase in the use of economic sanctions as a tool to try to put further pressure on various regimes to alter their policies and to “encourage” them to refrain from actions disapproved of by the international community.
The wide-ranging reach of sanctions legislation introduced primarily by the UN, US and EU, and the consistent interest of the media in reporting possible sanctions breaches has made sanctions a prominent focus area for the shipping industry and international traders. The high profile of sanctions in the news and the risk of adverse media coverage in the event of breach, not to mention the penalties and fines that may result from their breach, means it remains of vital importance that international businesses carefully consider their operations within the framework of sanctions legislation and ensure that they have effective compliance programs in place.
For further information contact partner Michelle Linderman, who co-ordinates our response to national and international trade sanctions including, amongst others, those against Iran, Libya and Syria.