We all know that it is a feature of the troubled world we are operating in that the international community deals with certain regimes by imposing sanctions on them, either by individual countries such as the US or by country groups such as the EU.
Sanctions have been imposed for countries like Russia (focusing on Crimea), Iran and Sudan. This remains a fluid and evolving area with trade declining or picking up as sanctions are stepped up, eased or lifted.
- Entities have been designated under edicts issued by OFAC (Office of Foreign Assets Control) and the UK Treasury which affect the ability to make or receive payments or to trade in certain products and equipment
- This can also arise in casualty situations, for example, where a ship goes aground in areas controlled by a sanctioned country and payments are needed for local salvors or demands for security are made.