International Economic Sanctions have become a central instrument in global governance over the past decades, employed by both sovereign states and international organisations. More recently, there has been a shift towards ‘smart’ or targeted sanctions that aim for the political and economic elites of targeted countries (e.g. through asset freezes and travel bans) rather than a more comprehensive sanctions approach (as large-scale trade or oil embargoes) that has detrimental effects on civilian populations.
In the era of financial globalisation such ‘smart’ sanctions entail increased compliance obligations both for state institutions and private organisations which if not met carry significant fines and penalties. Given Cyprus’s strong financial and trade ties with Russia, the latest series of sanctions targeting Russian people and entities in the private and public sectors have caused great concern on the island and a need for all relevant actors to gain a better understanding on this topical issue.
Objectives
The seminar will provide you with an opportunity to explore the recent global trends in economic sanctioning, the motives and rationale behind such decisions, the resulting effects and the consequences experienced not only by the targeted parties but also those doing business with them, either directly or indirectly.
The risk of non-compliance by all related parties needs to be timely projected and managed and this seminar will enable for such projections to be carried out in a more meticulous manner.
Training Outline
Training Style
The seminar is designed to deliver knowledge, initially by offering a theoretical assessment of sanctions policy, and then looking in-depth at the case of Russian sanctions as a case study that has a direct and significant effect on Cyprus. The teaching methodology rests on an interactive approach that will seek to engage the participants and accordingly place emphasis on those aspects/issues discussed that are deemed to have the greatest value for the participants.
Who should attend