Fast-Moving Developments in Middle East Prompt Changing Trade Sanctions

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Fast-moving developments in the Middle East and North Africa have resulted in the swift imposition of new U.S. and EU trade sanctions. Companies doing business in the region must be aware of the sanctions and should carefully screen all parties and terms of transactions in order to avoid risking substantial penalties and significant damage to their reputations.

Popular uprisings throughout the Middle East and North Africa have prompted efforts by the United Nations and by governments, including the United States and European Union, to support democratic principles by imposing trade sanctions against autocratic regimes and affiliated parties. Sanctions against parties in Syria and Libya have been imposed broadly and quickly this year and, to address continual changes effected by the popular uprisings, the sanctions have been relaxed and/or expanded accordingly. Companies doing business in or with parties in this region should be aware of the ever-changing sanctions landscape and carefully screen all parties to transactions to ensure compliance with the rules. Failure to do so can result in significant penalties and considerable reputational damage.

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Published In: Administrative Agency Updates, General Business Updates, International Trade Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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