We are pleased to announce that the Trade & Customs team at KPMG Meijburg & Co will be hosting a webcast on the basics of EU export controls and sanctions on Tuesday, January 24, 2023. The webcast will provide a general introduction to the basic concepts of EU dual-use and sanctions legislation and is meant for businesses and professionals who may not have previous experience in this area.
What are export controls?
Export controls are regulations that restrict, for various reasons, the export, the use or the end-user of certain goods. These restrictions are mainly based on the influence that the free movement of certain goods can have on national and international security, the development of weapons of mass destruction and political repression. Goods regulated by export controls can be divided into two main categories: goods that only have a military application and dual-use goods. The latter are goods that could have both a civilian and a military application. Goods that can be regarded as dual-use are listed in Annex 1 to EU Regulation 821/2021 (the Dual-Use Regulation). In principle, the export of such goods requires a license. Key sectors impacted by export controls include aerospace & defense, telecom, life sciences, automotive, chemicals and oil & gas.
Sanctions, also known as restrictive measures, are political instruments used by governments to maintain or restore international peace, security, and/or bring about change in certain political actions or behavior. Sanctions can be imposed on specific countries or targeted at individual persons and organizations, and can impact a wide variety of sectors. The recent sanctions (including export control restrictions) imposed on Russia demonstrate the importance of understanding these topics for businesses and professionals.
Why is it important?
Failure to comply with export controls legislation can result in significant legal and financial consequences for companies. In addition, violation of the relevant legislation may lead to reputational risks. Therefore, it is essential for companies to have a thorough understanding of these concepts and how to adhere to them in order to avoid such consequences.
Date and time
The webcast will be held on Tuesday, January 24, 2023 from 16.00-17.00 (CET). If you are interested in learning more about EU export controls and sanctions, we encourage you to join us for this informative event.
