The sanctions landscape is constantly changing, often with little to no warning, and the ramifications on business operations can be extensive. Boardrooms need to be aware of its interconnected global complexities and when to seek expert advice.
The UK, EU, and US all operate independent and overlapping financial and trade sanctions regimes that can impact a company’s ability to carry out its business in any number of ways. They can restrict dealings with a particular trade partner, supplier or customer, impact how, and from whom, a company can raise finance, or effectively prohibit maintaining business operations in a particular jurisdiction more broadly. The restrictions can affect any business’ activities, and the consequences of falling foul of these prohibitions can be hugely damaging, financially and reputationally.
In a world where sanctions are increasingly being used as a foreign policy tool, directors must ensure compliance with the global sanctions regime or risk civil and criminal liability for both them and their organisations.