MFA business event: How may the sanctions adopted by the EU, the US and the UK affect your company?

On 18 November, the Ministry for Foreign Affairs together with the US and UK sanctions authorities will organise a business event to discuss what it means to comply with the sanctions imposed by the European Union, the United States and the United Kingdom and how the sanctions may affect your business. This is a unique opportunity to deepen your understanding of the key sanctions, the associated risks, and the circumvention of sanctions.

The countries in the sanctions coalition have imposed massive and unprecedented sanctions against Russia in response to Russia’s war of aggression against Ukraine. Their aim is to impose severe consequences on Russia for its illegal actions and to effectively thwart Russia's ability to continue its aggression.

The many sanctions regimes and, in particular, the extensive sanctions against Russia put more onus on companies to find out about the sanctions regulations. While the EU sanctions are directly applicable legislation in Finland, businesses must also comply with the US and UK sanctions in certain situations. The effectiveness of sanctions depends on the ability and commitment of the various parties to comply with them. Businesses play a key role in the implementation of sanctions. However, the implementation presents challenges to many of those involved, both in terms of the scope of sanctions and the circumvention of sanctions.

How can your company prepare for risks associated with the EU sanctions and the tightening restrictions on foreign trade? How do the US sanctions regimes work and what should your company know about compliance? What kind of sanctions has the UK imposed and why should they affect your company?

Answers to these timely and critical questions will be provided by speakers from the Finnish Ministry for Foreign Affairs, the US sanctions authorities the Office of Foreign Assets Control (OFAC) and the Bureau of Industry and Security (BIS), and the UK sanctions authority Office of Financial Sanctions Implementation (OFSI).

Inquiries and registration

Event: What should your business know about the sanctions imposed by the EU, the US and the UK?

• Date and time: Monday 18 November 2024 at 8.30–13.30.
• Venue: Ministry for Foreign Affairs (Laivastokuja 3, Helsinki), Building A, Ritarikatu Hall

The event is intended for companies engaged in foreign trade, with a maximum of one hundred participants. It is not possible to attend the event remotely.

Please note that the event will be held in English (without interpretation). The event is held under the Chatham House Rule.

Registrations no later than Wednesday 12 November 2024. For inquiries about the event, please email [email protected].

To find out more, complete the Introduction to Sanctions course

The Ministry for Foreign Affairs recommends that you complete the Introduction to Sanctions online training, which includes sections designed for businesses.

The course is free of charge and open to everyone. It is available in Finnish and English on the eOppiva learning platform.