With the re-imposition of the second set of United States (US) sanctions against Iran looming in November 2018, companies in the United Arab Emirates (UAE) are very concerned about unwittingly breaching the US sanctions regime and incurring penalties for doing business with Iran. This is according to a survey of participants conducted at seminars in Abu Dhabi and Dubai hosted by global law firm Baker McKenzie in October 2018.
The UAE seminars were part of Baker McKenzie’s global Sanctions Roadshow, which is being conducted in cities around the world, focusing on the implications of US and European Union (EU) sanctions on the Middle East.
The interactive discussions were led by senior Baker McKenzie lawyers from the US and UAE and centred around how companies operating in the UAE and Middle East can navigate the complexities of these sanctions regimes and mitigate their compliance risks in the context of their overall business model in relation to Iran and the US. Nearly 200 executives from leading corporates, financial institutions and government entities joined in discussions.
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