Our services in this field
Our firm undertakes training on sanctions for professionals at different levels of competence, ranging from entry-level general training (general introduction to the major sanctions regimes - UN, EU, EC, US) to more specialised topics (e.g. financial sanctions regimes).
Regular updates on relevant changes in major sanctions regimes
We continuously support our clients on significant changes in the rules of the relevant sanction regimes, monitor the issued regulations and provide summaries and interpretations in the form of regular briefings or tailor-made training material (in Hungarian or English).
We can provide an overview of the main features of a particular sanctions regime (types of sanctions in force, related regulatory processes - e.g. licensing) or a description of the sanctions in force in different commercial and service sectors.
Analysis of a proposed transaction from the aspect of sanctions
In the case of an international trade transaction, it is an essential prerequisite to carry out due diligence on the proposed transaction and identify the relevant sanctions regimes. As usual, it is then our task to analyse the applicable requirements of the relevant sanction regimes and identify exceptions and derogations based on the relevant terms of the transaction (e.g. geographical area, sectoral rules, sanctioned persons, ownership background).
In this field, we can provide advice to define the optimal transactional and contractual structure in terms of the economic objective to be achieved and prepare the necessary documents (contracts, internal policies, training materials, etc.).
Drafting and negotiating sanction clauses
In the current sanctions and geopolitical context, it is imperative that the contract carefully addresses situations where it is not possible or limited for a party to fulfil the obligations under the contract due to a restrictive provision of a sanctions regulation.
A properly drafted sanctions clause can help to manage the situation.
It is very important that the parties are aware of what to do at the time of the conclusion of the contract if such a situation arises, what their enforcement options are and what resources and time (preparation, participation in negotiations) they will need to invest.
Analysis of existing contracts from the aspect of sanctions
We undertake to analyse and interpret the commitments and declarations relating to sanctions set out in the company's contracts and other documents (bonds, policies, etc.) and precisely define the obligations and administrative tasks arising from them at the level of an action plan. In addition, we can provide support in drafting questions to be put to foreign experts and interpreting the answers received.
Preparation of policies, reviewing existing policies from a sanction perspective
The existence of, or access to, an appropriate sanctions infrastructure (professionals, tools, documents) is crucial for any economic player concerned to ensure compliance with sanctions rules.
Where their availability is limited in a company, our firm can act as an external expert to support internal processes and prepare the necessary regulatory elements.
