Sanctions
Content
Sanctions have become increasingly prevalent in international trade in recent years as national and supranational authorities make moral, political and financial decisions which affect commerce with specific companies, individuals, goods or indeed nations. We recognise how important it is to proactively assess the impact of sanctions to avoid compliance problems. A breach of sanctions can result in civil and/or criminal penalties in addition to reputational damage to both individuals and companies.
How we can advise you
We advise on:
- unilateral and multilateral economic and trade sanctions in existing and emerging markets
- sanctions regulation covering trade and commodities, energy, insurance and transportation
- sanctions compliance procedures
-
How our team will work with you
We have significant sanctions experience - our team has been at the forefront of advice on sanctions covering all sectors and regularly advise on sanctions affecting the ability of traders, owners, operators and managers to trade in numerous jurisdictions around the world. They consider counterparty risk, the ability to call at certain ports and load particular cargoes, operational and practical implications of sanctions, media management, protection of business reputation, the legality of financial transactions and payments, as well as providing support to release frozen assets. We pride ourselves on our ambition to gain an in-depth understanding of our clients’ operations, enabling us to offer a complete legal and commercial support service wherever and whenever it is needed.
-
Our clients
Our clients include:
- shippers/ship owners
- ship managers
- charterers
- traders
- brokers
- end-users
- insurers/P&I clubs
- trade associations
What do our clients value about us:
‘Expertise and diligence’ -
Our experience
- Developing and enhancing sanctions compliance systems in line with sanctions guidelines
- Handling delisting applications approved by the Office of Foreign Assets Control (OFAC)
- Advising on the first reported case concerning Iranian sanctions and a sanctioned Iranian bank in London under a facility granted before sanctions came into effect
- Drafting contracts to include sanctions provisions and developing compliance manuals
- Assisting and conducting negotiations between UK insurers and the OFAC over insurance coverage and handling a US$12 million claim for hull damage where a vessel traded in Sudan on behalf of a sanctioned entity
- Advising the classification society of a vessel whose managers were affected by US sanctions against Cuba
- Advising a steel trader on the impact of Iranian sanctions on a long-term supply contract and on the inland Iranian transit of goods
- Advising P&I clubs on the ability to call at sanctioned areas in light of UN, EU and US sanctions
- Establishing and running an international sanctions hot line service for a leading P&I club, dealing with all sanctions enquiries for the club and their international membership
- Advising on the first Syrian sanctions case, assisting ship owners in establishing contacts with the US Treasury Department, UK Home Office, EU and IMO to obtain special permission to allow the vessel, detained by French naval authorities and refused return to any EU port, to proceed to a port of refuge and discharge cargo into a bonded facility
- Managing substantial High Court litigation on issues relating to the alleged carriage of Iraqi origin oil in breach of sanctions
- Advising insurers to obtain the release of a reinsurance premium frozen by a US bank in relation to potential exposure to Cuban sanctions
- Advising on sanctions relating to Crimea and the potential impact of using manning agencies in this region and whether payments to such agencies were prohibited
- Advising yacht brokers on US extension of Russian sanctions and their practical impact on managing the yachts, their bank accounts, their insurance accounts and classification
- Advising clients in relation to funds held in escrow by an international bank and rights to access and process funds potentially caught by sanctions
Key contacts
