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International financial and economic sanctions: a practical webinar for companies and financial institutions

Date:

30-09-2021

Time:

10:00

Organizer:

Verslo žinios

The event will be in Lithuanian.

All webinar topics:

  • How and when international financial and economic sanctions are applied
  • What to do if you suspect a breach of sanctions. How to report to the FNTT
  • Recent sanctions against Belarus and their impact on Lithuanian companies
  • US sanctions and their possible impact on Lithuanian companies and financial institutions
  • How to assess whether a transaction (activity) is potentially in breach of international sanctions
  • How to properly assess and manage the risks of international sanctions

Why is it relevant?

  • According to the legal acts of the Republic of Lithuania (RL), Lithuanian companies and financial institutions must ensure that their activities comply with the international financial and economic sanctions implemented by the RL.
  • Enforcing this obligation is becoming increasingly difficult: international financial and economic sanctions by international organizations and individual states have recently expanded significantly to include an ever-widening and complex range of bans.
  • An example is the international sanctions imposed on Belarus at the end of June, which include bans on the direct and indirect supply of certain goods, equipment, technology, and services to/from Belarus, as well as bans on related technical assistance, financing, export bans, brokering, etc. ., sectoral sanctions for the oil, fertilizer, financial sectors.
  • International sanctions programs generally prohibit not only direct transactions with certain persons and jurisdictions, but also indirect access to funds or economic resources attempts to circumvent prohibitions in various ways.
  • In addition, although US sanctions are not legally binding on Lithuanian entities, due to the US role in world trade and financial markets, their impact is global, and Lithuanian companies and financial institutions may be directly and indirectly affected by US sanctions when operating internationally. Violations may be subject to particularly severe penalties (financial penalties, termination or restriction of correspondence, and in extreme cases, inclusion in the US sanctions list, etc.), which are not always protected by Lithuanian or EU legislation.
  • Even if you inadvertently breach sanctions, a company or financial institution can damage its reputation.
  • As a result, the main conditions for the compliance of international financial and economic sanctions within a company or financial institution are twofold. The first is knowledge. Managers of companies and financial institutions need to understand the risks of existing economic and financial sanctions. The second is a proper risk and vulnerability assessment, on the basis of which the most appropriate risk management measures are selected.

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