Financial sanctions regimes in other jurisdictions

The following Practice Compliance practice note provides comprehensive and up to date legal information covering:

  • Financial sanctions regimes in other jurisdictions
  • The EU
  • Operation of the EU financial sanctions regime
  • To whom does the EU financial sanctions regime apply?
  • Do the UK and EU impose the same restrictions on the same countries?
  • What are the consequences of failing to comply with the EU financial sanctions regime?
  • The US
  • What is the financial sanctions regime in the US?
  • To whom does the US financial sanctions regime apply?
  • Do the US and UK impose the same restrictions on the same countries?
  • More...

Financial sanctions regimes in other jurisdictions

It is important to consider financial sanctions imposed by other jurisdictions and what impact these may have on your business. This Practice Note provides details of financial sanctions regimes in other jurisdictions that may be relevant to your business.

The EU

The EU has over forty different sanctions regimes in place. As with UK sanctions, some are mandated by the UN. Others are adopted autonomously by the EU.

EU sanctions may target governments of non-EU countries, as well as companies, groups, organisations, or individuals.

Operation of the EU financial sanctions regime

Decisions on the adoption, renewal, or lifting of sanctions regimes are taken by the Council of the European Union, on the basis of proposals from the High Representative of the Union for Foreign Affairs and Security Policy. The European Commission, together with the High Representative, give effect to these decisions into EU law through joint proposals for Council regulations, also adopted by the Council. In addition, in its role as guardian of the treaties the Commission has an essential role in overseeing sanctions implementation by Member States.

To whom does the EU financial sanctions regime apply?

While EU sanctions inherently have effect in non-EU countries, as they are a foreign policy tool, the measures apply only within EU jurisdiction, ie the obligations they impose are binding on EU nationals or persons located in the EU or doing business there.

Do the UK and EU impose

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