Image credit: PubAffairs Bruxelles
The European Commission has launched an EU sanctions helpdesk to help small and medium-sized enterprises (SMEs) navigate and apply the 40 sanction regimes now in place globally.
The free service is accompanied by a dedicated website providing sanctions-related information, country guidance, events and learnings.
Alongside outlining restrictive elements, the objective is “to assist European operators in avoiding the loss of legitimate business opportunities due to uncertainties about their legality,” according to a statement.
While there are instances where larger entities can benefit from support, the helpdesk’s focus on SMEs is because they typically have fewer compliance resources than large companies.
The service will work with partners including public authorities, business support stakeholders, financial institutions, and international sanctions and compliance organisations.
Maria Luís Albuquerque, Commissioner for Financial Services and the Savings and Investments Union, said the EU has over 40 sanctions regimes globally to prevent conflict or to respond to current or emerging crises.
“The growing use of sanctions can make the activities of our SMEs more complex,” she said.
“Through its resources, events and, especially, its compliance support service, this one-stop-shop will help SMEs understand how to comply with sanctions and assist those that find it challenging to perform due diligence independently.”
Source: https://www.gasworld.com/story/eu-launches-sanctions-helpdesk-to-support-trading-for-smes/2153599.article/