ΠΕΡΙΓΡΑΦΗ

Are we at the golden age of economic sanctions? Sanctions are not a new phenomenon: Ancient Athens imposed trade sanctions on its adversaries in the 5^th century B.C., and U.S. presidents have restricted foreign trade from certain countries since the dawn of the U.S. republic with the use of sanctions; described by U.S. President Woodrow Wilson in 1919 as “something more tremendous than war”: the threat was “an absolute isolation ….that brings a nation to its senses just as suffocation removes from the individual all inclinations to fight…” However, since the Russian invasion to Ukraine in 2022, we have experienced, in the European Union and elsewhere, the imposition of sanctions of unprecedented volume and complexity (we are now at the 15^th package of EU restrictive measures) and legitimate questions have been raised on the proliferation, the scope and effectiveness of this economic weapon.

This training programme challenges conventional wisdom on sanctions and illuminates cardinal concepts of the law, the facts and practice of sanctions’ enforcement and compliance. It has two parts: the first, aims to equip the participants with a solid understanding of the origins, the economic and political rationale, the legitimacy, the types and consequences of sanctions. The second, focuses on the EU restrictive measures that have been imposed in relation to and as a response to the Russian invasion and occupation of Ukraine, with a particular emphasis on financial restrictive measures and the measures restricting the provision of fiduciary, accounting and legal services, the EU law and reality of circumvention of sanctions; and it will provide signpost son the real-life practice of sanctions’ due diligence and compliance.

ΣΚΟΠΟΣ ΣΕΜΙΝΑΡΙΟΥ

Aims of the Training program

• To understand the origins, the rationale and legitimacy of sanctions as they evolved
• To dispel confusions between sanctions, tariffs, embargoes, blockades, and boycotts
• To appreciate the different types of sanctions and their consequences
• To question the proliferation and efficacy of sanctions
• To learn the types of sanctions Cyprus enforces, and the consequences of non-application of sanctions.
• To provide a general overview of the development of sanctions in relation to Russia since 2014 and understand the breadth and volume of the EU restrictive          measures as they currently stand.
• To analyse the main financial sanctions imposed in relation to Russia’s invasion on Ukraine.
• To understand the EU restrictive measures on Russia in relation to the provision of investment services, deposits, SWIFT Ban.
• To delve into the centrally important topic of circumvention of sanctions.
• To provide a compliance framework and suggestions.
• To gain a sound understanding of the application and enforcement of sanctions through analysing case studies and working through Q & A.

ΣΕ ΠΟΙΟΥΣ ΑΠΕΥΘΥΝΕΤΑΙ

This programme has been developed by professionals for professionals in the legal, financial, accounting/audit, and corporate administration fields who already have a basic understanding of sanctions/restrictive measures. 

• Legal professionals,
• Auditors/Accountants,
• Risk Managers,
• AML Compliance officers of Obliged Entities (regulated financial institutions including credit institutions, investment firms and fund managers, administrative service         providers and others),
• Board members of financial institutions responsible for the implementation of AML/CFT law and regulations.

ΠΕΡΙΣΣΟΤΕΡΕΣ ΠΛΗΡΟΦΟΡΙΕΣ

Course content

Part 1: The origins, the economic and political rationale, the legitimacy, the types and consequences of sanctions

• The origins of sanctions as an economic weapon
• Sanctions, tariffs, embargoes, blockades, boycotts– what’s the difference?
• The proliferation and development of sanctions
• The efficacy of sanctions
• The types and consequences of sanctions
• The sanctions Cyprus enforces
• Criminal offences for EU sanctions’ violations

Part 2: The case of Russia since 2014– the golden age of economic sanctions

• How it all began
• The development and intensity of sanctions against Russia
• Council Regulation (EU) No 269/2014
• Council Regulation (EU) No 833/2014
• Asset freeze, ownership and control criteria –it does get personal.
• The ownership threshold: not a universal approach
• Financial sanctions: Restrictive measures in relation to the provision of investment services, deposits, SWIFT Ban
• Jurisdiction and US secondary sanctions.
• The latest developments: sanctions in response to Russian hybrid threats.
• Sanctions Circumvention: The practice and the law
• Compliance framework and suggestions
• Case Studies & Q & A

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Sanctions/restrictive measures isa dynamic, fast changing field, affected, between others, by rapidly evolving international relations, world affairs, economic considerations and state policies. Our training programmes are designed to bring you the latest important developments and our programme content may be revised closer to the date as necessary; so as to reflect new laws, policies, case studies, procedures, and other important recent developments.