Financial and Economic Sanctions
International financial and economic sanctions are non-military measures implemented by the United Nations, the European Union, the United States of America and other international organisations and sovereign states to maintain international peace and security as well as respect for human rights. They include restrictions on imports, exports, re-exports and transit of civil, dual-use goods, military equipment, services and technologies, restrictions on trade, economic activities with sanctioned entities, restrictions on the right to manage, use and dispose of money, securities, items, payments, etc.
The consequences of violating international financial and economic sanctions can be particularly severe for both companies and financial market participants: intentional or unintentional, direct or indirect activities involving sanctioned entities or geographical regions may result in financial penalties, suspension of activities and, in extreme cases, inclusion on sanctions lists.
ECOVIS ProventusLaw sanctions experts offer the following services to companies and financial market participants:
- Consultations on compliance with USA, EU, UK sanctions;
- Mediation in case of violation of sanctions;
- Training on sanctions risk management and compliance;
- Preparation and review of internal policies and procedures;
- Services may be provided in Lithuanian, English, Russian and Mandarin Chinese.
The experience of ECOVIS ProventusLaw includes the following
Knowledge without experience is of little use. Therefore we are proud of having our own valuable experience to share with you.