By ELIZABETH SLOANE, Partner, GAVIN VALLELY, Partner, and ANDREW SHINNICK, Associate, of global law firm HFW.
For entities involved in international trade, managing sanctions exposure has become increasingly complex since the outbreak of war in Ukraine in February 2022. Since that time, numerous jurisdictions, including Australia, have expanded the breadth and depth of their sanctions regimes against vessels, companies and individuals. As a result, we are increasingly seeing sanctions disrupt international trade with often significant cost implications for the affected parties.
Australia’s sanctions regime is administered by the Department of Foreign Affairs and Trade (DFAT) and imposes sanctions through the enforcement of ‘autonomous’ and ‘United Nations’ sanctions regimes against certain countries, groups, individuals and entities established under key legislative instruments. Australia implements:
- Australian Autonomous Sanctions imposed and implemented by the Australian Government as a matter of foreign policy; and
- United Nations Security Council (UNSC) Sanctions imposed by the UNSC, and Australia is obligated to implement as matter of international law.
