Sanctions or restrictive measures against Russian and Belarusian businesses and individuals raise multiple challenges for business in the Baltics and Europe. It is relevant to react promptly and catch up on what is required by the different sanction regimes, the sanctions’ formulation, and how they apply to a particular business, business partner, or concrete transaction.
Businesses are responsible for non-compliance with sanctions, so the key issue for many business leaders is how to avoid sanctions that are subject to administrative or criminal liability. You should identify your entire service or supply chain and identify the weak points that may come into contact with the national or international sanctions regime. It is also essential to assess which sanctions regime will be relevant and what exceptions apply to it.
The content of any restrictive measure (sanction) can be worldwide, as can the rules for assessing sanctions (depending on whether it is an EU or a US sanction). Careful analysis of the transaction circumstances and the sanctions’ content is one of the cornerstones to ensure a smooth process. Ellex lawyers will prepare business-specific solutions explicitly dedicated to your business.