- 01 Oct 2019
- 9:00 - 10.30 BST
- Live Event
2 Swan Lane
This breakfast workshop will focus on the oil, gas and energy market, and is designed to help understand the sanctions framework which can affect your business and some practical steps that can be taken to understand, manage and mitigate the compliance risk posed by these various sanctions regimes.
Whether you operate in one country or across the globe, the reach of sanctions and export control regimes can often affect businesses in unexpected ways. These regimes can be multilateral or unilateral and can affect trade with certain groups or certain types of trade in a particular country.
Given the scope of EU and US sanctions regimes in particular, it is essential to understand whether they affect not only your day-to-day business operations but whether they also impact you supply chain; the financing or insurance of projects; the advisers that you may rely upon; or the customers that you may service.
- Do you know whether your client, or those benefiting from your operations, are 'listed persons'?
- Have you made an "economic resources" available – even indirectly – to any listed person? Do you know how to guard against doing so?
- Could your equipment, the technology you use or the software you rely on be classified as dual-use goods and subject to export controls or sanctions?
- Do you employ US or EU persons who may be caught by sanctions even if operating outside of the EU and US?
- Do you make transactions in dollars?
- Are your distributors, advisers or insurers caught by sanctions?
A breach of sanctions not only has a reputational and commercial impact on operations but also amounts to a criminal offence in the UK punishable by imprisonment or an unlimited fine. Sanctions and export control policies can therefore be a useful addition to the compliance armoury of most companies operating overseas.