The Chamber of Commerce organised a seminar dedicated to economic and financial sanctions in the global context on 20 September 2022.
Considering the current geopolitical crises, more particularly this year’s war in Ukraine and the adoption of packages of sanctions against Russia (and Belarus) by the European Union, the seminar aimed to provide companies with a greater understanding of restrictive measures on the private sector economic activity. The event was wholly consistent with the Chamber of Commerce’s mission to raise awareness about key business-related topics. Overall, the speakers highlighted the theoretical framework of the EU and US sanctions and illustrated them with practical examples.
As mentioned by Mr. Carlo Thelen, Director General of the Chamber of Commerce, in his opening speech, the Chamber of Commerce with the support of the Ministry of Foreign and European Affairs, the Ministry of Economy and the Ministry of Finance has set up a helpdesk (email@example.com) to provide coordinated support to Luxembourg companies impacted by the economic consequences of the current situation. Launched in March 2022, this service is still accessible to all members of the Chamber of Commerce. For more information, please consult: https://www.cc.lu/dossiers-thematiques/sanctions-economiques-helpdesk.
Mr. Michael Karnitschnig, Director for External Relations at the Secretariat-General of the European Commission, provided the audience with an overview on the rational and the legal logic of the EU legislation. Then, Mr. Michel Leesch, Deputy Director at the Directorate of European Affairs and International Economic Relations of the Luxembourg Ministry of European and Foreign Affairs, focused on the implementation of international sanctions in Luxembourg. Mrs. Polyxeni Kotoula, Attachée, together with Mr. Steve Doba, Jurist/Economist from the Luxembourg Ministry of Finance, spoke about the legal framework and obligations of operators on the national level. Mr. Jacob Fields, Associate at the legal firm Shearman & Stearling LLP, introduced the complex US sanctions regime and Mr. Philippe-Emmanuel Partsch, Partner at Arendt & Medernach SA, guided participants through some legal aspects of sanctions application.
This seminar aimed to reach the right balance between theory about sanctions and information on practical action for the Luxembourg private sector. “Economic and financial sanctions in the global context” is a kick-off event in the series of seminars to be organized at the Luxembourg Chamber of Commerce.