ARTICLE
28 April 2022

International Sanctions – Direct Impact On Individuals And Businesses In The Czech Republic

K
Kinstellar

Contributor

Kinstellar acts as trusted legal counsel to leading investors across Emerging Europe and Central Asia. With offices in 11 jurisdictions and over 350 local and international lawyers, we deliver consistent, joined-up legal advice and assistance across diverse regional markets – together with the know-how and experience to champion your interests while minimising exposure to risk.
April 2022 – In response to Russia's ongoing invasion of Ukraine, the European Union continues (along with other countries) to announce additional sanctions against the...
Czech Republic International Law

April 2022 – In response to Russia's ongoing invasion of Ukraine, the European Union continues (along with other countries) to announce additional sanctions against the Russian Federation and Belarus. Presently, sanctions include, inter alia, bans on the export and import of certain types of goods, doing business with sanctioned individuals and companies and restrictions on new investment activities in Russia.

The consequences of non-compliance with sanctions prohibitions are particularly severe, and include fines of up to CZK 50,000,000 per individual breach. Moreover, the willful breaching of sanctions may qualify as a criminal offence (by both the offending company and also the respective personnel involved) and thus be subject to even harsher penalties.

In light of the above, we advise our clients to:

  • always check any goods imported to or exported from the concerned territories against the respective sanctions databases;
  • make sure to verify whether the relevant trading partners are subject to sanctions;
  • regularly monitor the implementation of sanctions; and
  • ensure that all contracts – be they existing or newly concluded – that could in any way be affected by sanctions restrictions contain robust sanctions clauses and end-use statements.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More