Understanding sanctions, embargoes and trade restrictions

Description

This Skill Bit shows that understanding sanctions, embargoes, and trade restrictions is crucial in international trade compliance. Sanctions are targeted measures by governments against specific entities, including trade barriers and financial restrictions. Embargoes are more severe, prohibiting all trade with a country. Trade restrictions limit certain trade for various reasons. For contract professionals, staying updated on these measures, monitoring regulatory bodies like OFAC and CFSP, ensures legal compliance and effective risk management. Strategic planning requires adapting operations to changes swiftly and focusing on secure markets.

Duration approx. 4 Min.

Tier: advanced