International Economic Sanctions

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

• An assessment of Economic Sanctions as a Policy Tool – Pros and Cons
• Identifying the Relevant Actors – Covering both the private and public sectors at the national and international level
• Review of the Decision Making Process – Motives, Effects and Consequences from a practical perspective (the case of Russia)
• How to control damage – Risk Management

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

• Board Members in Financial Institutions, Directors in Legal and Audit Firms and other key officials that define strategy and need to have an overall understanding of international sanction policy
• Operational staff, who need to understand the inherent Sanctions risks they face when dealing with customers and/or transactions
• Regulators or Consultants
• Compliance Managers and Risk Managers
• Anyone with an interest in better understanding how Sanctions work and the risks they can present if not correctly addressed