In response to the war in Ukraine, several countries and organizations, including the United States, the European Union, and Switzerland, imposed sanctions on Russia. Even though the war in Ukraine raised the general awareness of the possibility of imposing sanctions, this instrument is also frequently used in other conflicts around the world. Therefore, it is an issue that companies and private individuals can be confronted with at any time.
Sanctions may affect various sectors of the economy. For example, trade sanctions lead to bans on the import and export of goods, while financial sanctions lead to disruption of payment systems and the freezing of funds in foreign bank accounts. Hence, sanctions not only affect the sanctioned persons, but also have an impact on international companies and, in some circumstances, on private individuals.
Moreover, sanctions apply from the time they are imposed. Companies and private individuals must comply with them immediately. Thus, affected companies and individuals face the major challenge of gaining an overview of which regulations apply, how to comply with them and how to manage the resulting challenges as quickly and effectively as possible. Even greater challenges arise for people who are subject to sanctions. Their options for action are severely limited in no time at all.
Our team will be happy to assist you in overcoming these special challenges. Our experts will be happy to advise you on the following topics, among others:
Sanctions: existing sanctions and sanctions to be observed
Compliance: additional compliance checks
Termination and settlement of terminated business relationships: consequences under contract law and tax law
Impairment of the financial market: exclusion of SWIFT, attempts at circumvention, restrictions on the financial market
Supply difficulties: consequences under contract law, claims for damages, contractual penalties
Contract execution and drafting contracts: compliance with sanctions; enforcement of claims
Cybersecurity: cyberattacks and manipulation, data protection
Payment defaults and frozen funds: restructuring, deferrals, claims for damages
Sanctioned individuals / companies: support in administrative procedures to apply for an exemption.