International Economics Sanctions Overview

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.

Training 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