22.06.2022
Author: IR Global Trade and Customs lawyers | Joanna Bogdańska - attorney at law, partner
To date, thousands of individual sanctions have been imposed on Russia, Belarus, and the Ukrainian provinces, and this number will likely increase. Sanctions are a political instrument designed to cause as much economic pain as possible to achieve a political end, in this case - Russian withdrawal from Ukraine.
The sanctions are also generally supported by a range of enforcement measures including seizure and forfeiture of goods, fines, imprisonment, and other penalties. Any individual or company found to have violated any of the sanctions will likely find their future activities subject to increased surveillance by government officials, which could result in additional, ongoing costs.
The business risk associated with the sanctions can only be determined by considering the individuals’ or companies’ business relationship with the sanctioned territories and persons. To make it easier to assess the business risk, you find an overview of the sanctions maintained by the United States, the European Union, Spain, Finland, Poland, and Canada in the Annex attached to this Report.
If you believe that you may face any risk resulting from the described sanctions imposed by a specific country or countries, we encourage you to contact the relevant IR Global Trade and Customs lawyer:
Joanna Bogdanska of KW KRUK AND PARTNERS LAW FIRM LP, Poland
Belén Palao Bastardés (Lalo) of bln palao abogados, S.L.P., Spain
Nico Ooijevaar of McMAN Ooijevaar: International Trade and Customs, Netherlands
Gordon LaFortune of Woods, LaFortune LLP, Canada - East
Michael Woods of Woods, LaFortune LLP, Canada - East
Dr. Lauri Railas of Railas Attorneys Ltd., Finland
Robert B. Silverman of Grunfeld, Desiderio, Lebowitz, Silverman & Klestadt LLP, US - New York
Tommaso Fonti of Bacciardi Partners, Italy
These materials are for informational purposes only and not for the purpose of providing legal advice.
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