Since February 2022, the sanctions imposed by the European Union against the Russian Federation and Belarus have presented the Austrian economy with complicated challenges and numerous risks. Business relationships with Russia that violate sanctions or an embargo will not only result in high administrative penalties, but may also be prosecuted in court and even result in a custodial sentence. The sanctions packages include targeted restrictive measures against individuals, as well as economic sanctions and diplomatic measures.
The sanctions imposed include the following:
- Restrictions on movement of goods and provision of services
- Restrictions on access to the EU capital and financial markets
- Restrictions on payment transactions
- Sanctions lists (individuals/legal entities, organisations and institutions)
- Regional sanctions (including, but not limited to, prohibitions on the import und export of goods)
- Visa restrictions
- Revocation of broadcasting licences and bans on certain Russian media in the EU
- Blocking of airspace (for aircraft of Russian airlines and individuals/legal entities from Russia)
Packages of sanctions that could become relevant for Austrian companies have also been passed by the USA.
A thorough analysis of existing legal relationships and the careful selection and review of new business partners are therefore of crucial importance. Our International Desk will support you in navigating your company through the sanctions jungle in the best possible way.
Our international team of experts with many years of experience includes lawyers from Russia and Ukraine who are also able to provide advice in their native language. As a full-service law firm with around 80 employees (40 of whom are lawyers), we aim to cover all legal areas. In addition, we have a strong national and international network, which means that we can guarantee optimal advice even on special questions and cross-border issues. In accordance with our 360° service approach, we will not only advise you on specific sanctions-related problems, but will also be happy to support you in connection with all legal topics related to your needs.
Our team includes not only Austrian lawyers, but also lawyers admitted to the Russian bar, which allows us to assess your current situation and immediate needs accurately and comprehensively. Members of our International Desk team have also worked at Russian banks in Austria, holding senior positions in the legal departments and performing the SPOC regulatory function. This broad experience derived from active and regular work on CIS-related projects as well as a profound knowledge and understanding of the markets and of cultural peculiarities permits us to offer unique, efficient support for all needs.
