Policy on Dealing and Doing Business with Sanctioned Countries
1. Introduction Our company is committed to complying with all international trade laws and regulations, including those related to sanctions imposed by governing bodies such as the United Nations (UN), European Union (EU), United States (US), and other relevant authorities. This policy outlines our stance on transactions, shipments, and services to and from sanctioned countries, entities, and individuals.
2. Definition of Sanctioned Countries Sanctioned countries are those that are subject to trade, financial, and other restrictions imposed by international regulatory bodies. These restrictions may vary and could include comprehensive trade bans, prohibitions on specific types of goods and services, or restrictions against particular individuals and entities within these regions.
3. Compliance and Monitoring Our company actively monitors and complies with sanction lists published by the following authorities:
- United Nations Security Council (UNSC)
- European Union (EU)
- United States Office of Foreign Assets Control (OFAC)
- UK Treasury’s Office of Financial Sanctions Implementation (OFSI)
- Other national and international sanction lists as applicable
4. Prohibited Activities We strictly prohibit the following activities:
Sale of goods and services to entities or individuals located in countries under comprehensive sanctions, including but not limited to,
- Belarus
- Crimea
- Cuba
- Donetsk
- Iran
- Kherson Region
- Luhansk
- North Korea
- Russia
- Sudan
- Syria
- Zaporizhzhia Region
Our company also adheres to all international trade regulations, including trade restrictive measures imposed by various governments and international organizations. This policy outlines our approach to complying with trade restrictions, including embargoes, tariffs, quotas, and other regulatory measures that limit or regulate trade with certain countries such as,
- Afghanistan
- Central African Republic
- Democratic People’s Republic of Korea
- Democratic Republic of Congo
- Haiti
- Iran
- Iraq
- Lebanon
- Libya
- Myanmar
- Somalia
- South Sudan
- Venezuela
- Yemen
- Zimbabwe
5. Due Diligence Procedures Our company has implemented stringent due diligence procedures to ensure compliance:
- Screening of all customers, partners, and vendors against international sanction lists.
- Regular updates to screening processes to include changes in the status of sanctioned entities and countries.
- Ongoing monitoring of transactions to identify potential violations and unusual or suspicious activities.
6. Export Control and Shipping Restrictions We do not permit the export of restricted or controlled goods to sanctioned countries. Specific restrictions may apply based on the type of product, technology, or service. Customers are responsible for complying with the import regulations of their respective countries.
7. Policy Updates This policy will be reviewed regularly and updated to reflect changes in international sanction laws and regulations. We advise customers and partners to review this policy periodically to stay informed about any updates.
8. Acknowledgment By using our platform, you acknowledge and agree to adhere to this policy and comply with all applicable laws regarding transactions involving sanctioned countries.