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Many Central European companies have paid little attention to US sanctions so far. However, the regularly prevailing view that only EU sanctions apply to domestic companies is incorrect and quite risky. In addition to the location of the respective company, there are various factors that lead to Central European companies also increasingly coming into the focus of the US authorities.
In this article:
Reasons for US jurisdiction
In the majority of all internationally active companies, there are numerous points of contact with the US business world: on the one hand, these can be payments in US dollars as well as accounts at American banks; on the other hand, US technology is used in the operative business of almost all companies (Microsoft Office, etc.). In addition, since a substantial part of global payment flows is processed in New York, transactions that are not in US dollars can also be affected.
Provided that the American authorities are willing to enforce the law, it will be difficult for many organisations to deny a US connection. In recent years, this so-called "long arm approach" has been intensified by the US and now represents a veritable compliance risk for European companies.
Potential impact on EU companies
The US can ban foreign companies from accessing the US financial system and in particular from trading in US dollars - for many international companies such a measure would threaten their existence. To prevent exclusion from the US financial system, billions of dollars in fines have already been paid in recent years. The "record" is held by the major French bank BNP Paribas with a fine of 9 billion US dollars for repeated sanction violations.
Delayed intervention and current criminal actions against companies
In some cases, it takes several years for US authorities to approach companies for a (knowing or unknowing) violation of sanctions and export regulations.
Below are some of the recent US civil and criminal actions against companies outside the US:
- Several European banks each had to pay fines in the billions of dollars for violations of US sanctions.
- Two high-ranking Austrian bankers face up to 70 years in prison in New York. The reason for this are transactions outside the USA that involved international payments related to the US banking system. (They are presumed innocent until proven guilty, while they are charged in the Federal Court of the Eastern District of New York).
- SITA S.C., an established Swiss IT services provider, paid a multi-million dollar fine for doing business in Switzerland and the Middle East. The US judiciary found itself responsible because the company used American IT service providers to conduct its business.
Case study
To illustrate this dynamic situation, it helps to take a closer look at the above case of the IT service provider SITA S.C.. The case illustrates the importance of having a sanctions compliance programme and due diligence.
Author: Olivier Scherlofsky, Rechtsanwalt für Sanktionen
