Financial sanctions

UN Security Council, EU and US have decided to impose sanctions against named persons, companies, commodities and countries. Therefore Nordea may end up in a situation where we are not allowed to handle a transaction because a person, company (or other entity), commodity or country is named in the Trade Finance transaction.

 

On this background we include the following text into selected communication:

 

"Due to sanctions decided upon by UN Security Council and USA, and regulations imposed by EU and local law, Nordea disclaims liability for any delay, non-return of documents, non-payment or other action or inaction compelled by law or regulation, a judicial order or a government regulation applicable to us."

 

The text is included into selected parts of Nordea’s outgoing correspondence regarding Documentary Credits and Guarantees.

 

In respect of Direct Collections, before forwarding the documents to the collecting bank, you are to ensure that the documents in no way violate any sanctions in force.

 

It is important to note that compliance checks will be carried out on all trade finance products in order to ascertain that Nordea does not violate any sanction in force.

 

The below is for information and guidance only. It is not exhaustive information, and Nordea does not accept any liability for the completeness or accuracy of the information. For comprehensive updated information we refer to the information provided by the UN Security Council, EU and US (links quoted below).

 

1: Sanctions – which countries / Commodities

Although the sanction lists are specific in terms of persons, companies and commodities they are primarily focused against certain countries. See for example the list of OFAC Sanctions programs:

 

http://www.ustreas.gov/offices/enforcement/ofac/programs/

 

The links for the detailed information from the UN Security Council, EU and US are quoted below.

 

Note also that there may exist local sanctions.

 

2: Sanctions against certain persons and companies

 

a) Shipping lines

 

As an example the UN Security Council and the EU have decided to imposes sanctions on

  • Islamic Republic of Iran Shipping Lines (IRISL) and its subsidiaries
  • Irano Hind Shipping Company,
  • IRISL Benelux NV
  • South Shipping Line Iran (SSL), and
  • HDS Lines (and its subsidiaries)

 

Nordea will not be able to handle a transaction that indicates that the goods have been shipped with one of the above mentioned shipping lines (as well as others that may be subject to sanctions) or in a container owned by any of them.

 

The owner of a sea container can be located via the container prefix. See for example:

 

http://www.pier2pier.com/index.php?layout=prefix

or

http://www.equasis.org/EquasisWeb/public/HomePage

 

Both are free of charge to use, but do require sign up.

 

 

 

b) Other persons / Companies / Commodities

 

Information regarding sanctioned persons, companies, commodities and countries are available at:

 

UN:

http://www.un.org/sc/committees/sanc_res.shtml

 

EU:

http://ec.europa.eu/external_relations/cfsp/sanctions/list/version4/global/e_ctlview.html#en5768

 

US (OFAC):

http://www.ustreas.gov/offices/enforcement/ofac/sdn/

 

 

If you have questions in this respect you are welcome to contact your local Nordea Trade Finance department.