Economic Sanctions on Oil and Gas Development
Governments and international bodies have imposed economic sanctions affecting the oil and gas industry in various forms including:
- embargos on the importation of crude oil and finished products
- prohibition on the export of oil field technology and service
- restrictions on financial transactions
- sequestration of assets; and
- limitations on personal travel
Sanctions are adopted for the purpose of achieving domestic and foreign policy goals that range from combating money-laundering to curbing state-sponsored aggression. As a general rule, economic sanctions are primarily imposed on a target-state. However, secondary sanctions can be levelled at third-parties as well.
Commercial and financial organizations must know which countries, transactions, and entities, are subject to economic sanctions. With this awareness, they are able to satisfy their compliance obligations in terms of licencing, reporting and seeking waivers. At the same time, they can structure the terms and conditions of their agreements to provide the flexibility for suspension or termination of performance for the duration of the sanction period.
Upcoming start dates
30 October, 2023
Who should attend?
Who Should Attend
The material in this course has been designed to benefit a cross-section of personnel with the following positions:
- Commercial and financial managers involved in oil and gas operations or trading relationships with Sanction Targets;
- Legal advisers whose oil and gas clients either engage in transaction with, or are themselves, Sanction Targets; and
- Officials in governments where Sanction Targets conduct oil and gas operations or have commercial arrangements
- Features of Economic Sanctions
- Sanctions Targeted at Oil & Gas
- Sanction Setting Bodies
- Implementation & Administration
- European Union
- United Kingdom
- United States
- Department of State
- UAE & Saudi Arabia
- Sanctions & Targets
- 3rd Parties
- Sanctions Risk Assessment
- Negotiating & Drafting Contracts in an Era of Economic Sanctions
Course fee: £3645+VAT
Certification / Credits
This course addresses the impact of the current array of international and unilateral economic sanctions on the international Oil & Gas industry. Particular attention is given to:
- Oil & Gas sectors of specific sanction targets (Russia, Iran and Qatar);
- Obligations imposed on compliance under UK, US, EU and UN sanction regimes;
- Secondary sanctions on third-parties in dealing with entities and individuals that are sanction and counter sanction targets;
- Applying for licences and waivers; and
Negotiating and drafting contracts to deal with the imposition of economic sanctions.
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