Sanctions are issued by national and supranational organisations like the EU, the UN and the US Treasury with the purpose of influencing a certain unwanted behaviour or policy by other countries, persons or groups, for instance certain terrorist groups.
Typical sanctions-related restrictions include asset freezes, arms embargos, travel bans, export/import bans and prohibition on providing certain specified services. Certain sanctions programmes can include restrictions on providing financial services.
Sanctions have an impact on financial institutions through restrictions on the provision of goods and services and the movement of funds involving sanctioned countries, individuals and entities.
Violating sanctions is a severe offence and may result in monetary fines, regulatory enforcement actions and/or criminal charges.
Nordea complies with applicable EU, US and UK sanctions. The sanctions currently include freezing of assets, restrictions on economic relations with certain regions in Ukraine, restrictions focusing on energy and finance sector, import and export restrictions and overflight bans.
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