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Impact of Economic Sanctions on International Oil & Gas Development: Istanb...

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Istanbul

Turkey

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Description

Course overview

Economic sanctions are imposed purpose for the purpose of achieving domestic and foreign policy goals. Sanctions come in a variety of forms including embargos on the export of technology, restrictions on financial transactions, and limitations on personal travel, and are imposed by international bodies and national governments. Ordinarily, primary economic sanctions are imposed on a target-state, however, secondary sanctions can be levelled at third-parties as well. Organizations must know which individuals, entities and countries are subject to economic sanctions, and navigate a complex system of enforcement and compliance, or shoulder the consequences – which can include becoming a listed party for Sanctions.

This three-day course will provide participants with an understanding of the scope of Sanctions as imposed by such authorities as the UN, EU, US and UK. This course is intended to provide participants with an understanding of the current system of Primary and Secondary Sanctions, and how to best manage compliance-risk in conducting petroleum industry transactions with governments, commercial entities and individuals that are the target of such Sanctions.

Learning objectives

This training course addresses the impact of current array of economic sanctions on the international development of oil and gas. Particular attention is given to the impact on the petroleum sectors of Russia, Iran and Qatar as sanction targets. The course offers several learning objectives including:

  • Understand the role played by multilateral and unilateral sanctions and their impact on the commercial transactions in the international petroleum industry including:
    • supply of equipment
    • performance of technical services
    • access to financial systems
    • transportation of cargo
    • sale and purchase of production
    • travel bans
  • Understand the administration and enforcement of Sanctions by regulatory authorities.
  • Learn how to use Sanction screening lists for countries, organizations and individuals before entering into transactions.
  • Apply procedures for General and Special Licenses as exemptions to Sanctions.
  • Learn how to negotiate and draft terms and conditions in commercial agreements regarding Sanctions.

DAY ONE

Features of Economic Sanctions

  • Trade Embargos
  • Financial Restrictions
  • Export/Import Prohibition
  • Travel Bans

Sanctions Targeted at Oil & Gas

  • Restricting light oil and gasoline exports
  • Banning the sale of certain oil-related equipment
  • Preventing the importation of crude oil, natural gas or LNG
  • Prohibiting the use of currency to pay for petroleum transactions

Sanction Setting Bodies

  • United Nations
  • Economic Union
  • National Governments

Implementation & Administration

UN

  • General Assembly
  • Security Council
  • Member States

European Union

  • European Commission
  • European Council of Ministers
  • Member States

UK

  • Foreign & Commonwealth Office (FCO)
  • Border Agency
  • HM Treasury, Office of Financial Sanctions Implementation
  • Export Control Organisation (ECO), Department for Business, Innovation and Skills
  • (BIS)

US

  • Office of the President of the United States
  • Office of Economic Sanctions Policy and Implementation (EB/TFS/SPI), Department of State
  • Office of Foreign Assets Control (OFAC), Department of Treasury
  • Bureau of Industry & Security, Department of Commerce

UAE, Saudi Arabia & Egypt

  • National Cabinets & Council of Ministers
  • Transportation Authorities

DAY TWO

Sanctions & Targets

  • Russia
  • Iran
  • Qatar
  • Other Countries

Russia

  • Equipment and technology for unconventional exploration and production
  • Joint Ventures
  • Gas supply to EU
  • Foreign Financing
  • Individuals & Firms

Iran

  • Purchase of Petroleum & Petroleum Products
  • Energy Sector
  • Financial Institutions
  • Insurance & Underwriting
  • US Secondary Sanction Snap-back

Qatar

  • LNG Exports

Others

  • Venezuela – Targeted Sanctions on PdVSA
  • Sudan – Partial lifting of US Sanctions


DAY THREE

Compliance & Enforcement

  • Administration of Sanctions
  • Sanction Lists & Screening
  • Reporting
  • Penalties

Negotiating & Drafting Contracts in an Era of Economic Sanctions

  • Consultation: US OFAC advisory notices, EU Q&A on Russia sanctions, UK Office of Foreign Sanctions Implementation
  • OFAC / OFSI Compliance Provisions
  • Application for License or Waiver
  • Due Diligence
  • Warranties & Disclosure
  • Scope of Force Majeure
  • Suspension & Termination
  • Limitation of Liability
  • Frustration of Performance
  • Insurance
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Date and Time

Location

Istanbul

Turkey

Refund Policy

No Refunds

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