Su Yin Anand and Nicholas Tam discuss a breach of sanctions for Siemens
Ince & Co Partner, Su Yin Anand and solicitor, Nicholas Tam were recently featured in Lloyd’s List. In their article ‘Vigilance is vital over international sanctions breaches’, they explore the implications for Siemens of their Russian client breaching not only contractual obligations but also sanctions imposed by the international community. This occurred when their client diverted four gas turbines to Crimea, with their planned destination having been a power plant in southern Russia.
”The Siemens turbines case is a textbook example of an above-board transaction being turned into a major violation and makes plain the risks faced by organisations when dealing with external partners.”
Their article goes on to discuss the current situation for Siemens, with the exact consequences not yet apparent, apart from Siemens ceasing all business in Russia. They also consider how smaller businesses can prepare for such incidents and emphasise the importance of internal checks, robust due diligence and knowledge of potential loopholes throughout any cross-party transaction.
Ince & Co has advised businesses of all sizes globally on sanctions compliance for decades and maintains specialist sanctions teams in Asia, the Middle East, and Europe. Please contact a member of our Sanctions team if you would like further information on navigating sanctions regimes. Please click here for our website dedicated to Regulatory and Compliance issues.