The Middle East is an increasingly important jurisdiction for Western governments from a Russia sanctions foreign policy perspective, as there is a perception that increased trade flows between the Middle East and Russia means that Western sanctions are effectively being circumvented. Companies in the Middle East may have concerns about triggering EU / UK / US sanctions jurisdiction, or being directly designated by Western governments for engaging in activities deemed to be contrary to the objectives of EU / UK / US sanctions, even if jurisdiction doesn’t apply.
For companies in (or with affiliates in) the Middle East, it is important to understand these measures to contextualise the nature of the demands that Western companies are likely to be making to minimise their potential sanctions exposure. Likewise, for companies trading with entities in the Middle East, there is an onus on taking steps to mitigate the risk of indirectly triggering the Russia sanctions (including diversion of goods to/from Russia).
In our latest on-demand webinar, we discuss some of the key ways in which EU, UK and US sanctions can target activities in and through Middle Eastern jurisdictions and examples of where Middle Eastern companies have been directly designated by Western governments. Specifically, we discuss:
- US, EU and UK: Focus on diversion and circumvention;
- local perspectives: Turkey and the UAE; and
- key compliance learnings for companies to be aware of.
Click HERE to watch this on-demand webinar now.
If you have any questions, please reach out to our team below.
