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Impact of Economic Sanctions on International Oil & Gas Development: Istanbul


Impact of Economic Sanctions on International Oil & Gas Development: Istanbul

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.


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


General Assembly

Security Council

Member States

European Union

European Commission

European Council of Ministers

Member States


Foreign & Commonwealth Office (FCO)

Border Agency

HM Treasury, Office of Financial Sanctions Implementation

Export Control Organisation (ECO), Department for Business, Innovation and Skills



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


Sanctions & Targets




Other Countries


Equipment and technology for unconventional exploration and production

Joint Ventures

Gas supply to EU

Foreign Financing

Individuals & Firms


Purchase of Petroleum & Petroleum Products

Energy Sector

Financial Institutions

Insurance & Underwriting

US Secondary Sanction Snap-back


LNG Exports


Venezuela – Targeted Sanctions on PdVSA

Sudan – Partial lifting of US Sanctions


Compliance & Enforcement

Administration of Sanctions

Sanction Lists & Screening



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


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