The Evolving Belarus Situation: Impact of Sanctions on Businesses in the EU and Beyond
Impact of Sanctions on Businesses in the EU and Beyond
Following the August 2020 elections in Belarus, the international community has been vocal in its response to President Alexander Lukashenka’s attempts to circumvent the results. Since that time, Lukashenka’s government has detained some 33,000 people, and the European Union, UK, Canada, and the U.S. have imposed targeted financial measures on the country. In December 2020, the EU listed numerous companies and 88 people, including senior government officials and prominent Belarusian businessmen that have benefited from the Lukashenka regime. Now new sanctions appear to be on the horizon.
Some of the EU sanctioned entities and firms owned by the proscribed businessmen maintain trade with companies in Europe, Africa, and North America. Since December, a number of the sanctioned business figures have transferred their holdings to associates in an apparent attempt to distance the companies from sanctions exposure, presenting additional compliance complexity for financial institutions and corporates.
Join Kharon for a 45-minute Expert Briefing detailing the current sanctions regimes focusing on Belarus and examining case studies of emerging sanctions risk for companies in the EU and beyond.