Recent political developments in Myanmar have led to new sanctions by the US, UK and EU. As a result concerns around doing business in Myanmar and the challenges of doing business in, or with, Myanmar have increased. To help address these concerns, we would like to invite you to Baker McKenzie’s webinar on Doing Business in Myanmar in the Midst of New Sanctions which will be held on 23 March 2021 from 2:00 pm -…
This quarterly publication includes a variety of legal and market focused articles on current topics of interest in the world of trade finance. In this edition, we feature an article that examines the implications of the EU-UK Trade Co-Operation Agreement for businesses engaged in international trade and related financing; an article that looks at the scope of the Debt Service Suspension Initiative and its potential implications for finance documentation and the future of sovereign debt;…
The Government has today published new guidance on the government processes on the issue of monetary penalties for breaches of financial sanctions (see here). This guidance applies from 1 April 2021 and from this date will replace the April 2018 guidance (see our previous blog post on this guidance here). In the interim, the current guidance will remain applicable. The updated guidance incorporates some of the lessons learned through OFSI’s monetary penalty cases since April…
UK sanctions On 18 February 2021, the UK announced sanctions against Myanmar military generals for serious human rights violations, which come into force immediately. The Foreign Secretary Dominic Raab has announced there are 3 individuals subject to immediate asset freezes and travel bans for serious human rights violations by the military and police force (these are in addition to the current 16 sanctioned individuals). These individuals are: General Mya Tun Oo (Minister of Defence)Lt General…