Ignas Urbonas: “When sanctions risk becomes part of everyday business, managing it well becomes a competitive advantage.”

Sanctions regulation in the EU has become one of the most fast-moving areas of law, and one where mistakes can be costly. Checking whether your business partner is on a sanctions list? That is just the starting point. Sanctions compliance is an ongoing responsibility.  

In practice, that means five active duties: 

• Screen business partners regularly, including management and ultimate beneficial owners  
• Add sanctions clauses to commercial contracts
• React quickly if a partner becomes sanctioned
• Check goods’ technical characteristics and dual-use risks
• Keep records to prove sanctions compliance

Ignas Urbonas, Senior Associate at WALLESS, covers all of this and more in Verslo žinios. Read the article (in Lithuanian) here: https://shorturl.at/tKeRm