International sanction regimes are complex and dynamic, influenced by a shifting political climate. In light of recent global events, which include developments in countries such as Ukraine, Russia, China, Iran, and North Korea, the framework for sanctions and export control has become increasingly extensive. These regulations are often implemented at short notice, requiring businesses to quickly comprehend and apply the ever-changing regulations. Even if sanctions regulations are not directly applicable, it might be crucial for a business to consider acting in accordance, due to possible reputational loss.
Non-compliance with international sanctions and export control rules can have serious consequences. Businesses and individuals face severe penalties for violating the rules. Further, companies may encounter additional trade restrictions, lose important licenses and permits, or financial support. A violation can also lead to significant reputational loss, weakening customer relations, investor trust, and the company's market position.
Thommessen assists clients across a wide range of industries and sectors in conducting their global business in compliance with current sanctions and export control regulations. Our expertise is particularly valuable in international sectors with high risk exposure, such as the shipping industry and in regards to transactions in general, where we have extensive experience in identifying and managing sanctions risks.
With a team of lawyers possessing valuable experience from in-house legal roles and government work, we have a thorough understanding of the many facets of sanctions and export control regulations. We effectively assist in interpretation and practical application of sanctions regulations, and in assessing acceptable risk levels, while managing potential criminal sanctions.