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Belarus-related sanctions restrictions were recently introduced by the United States, the European Union, the United Kingdom, Canada, Switzerland and Ukraine. The objective of newly introduced sanctions is to mount international pressure against the current oppressive regime in Belarus by preventing international companies from doing business in selected economic sectors of this country.

On August 9, 2021, the United States, the United Kingdom, and Canada significantly escalated sanctions against Belarus in a multilateral effort to put pressure on the current Lukashenko regime. These sanctions were announced on the first anniversary of the fraudulent elections held in Belarus on August 9, 2020 and follow a series of previous measures against Belarus, including most recently the coordinated measures between the UK, US, Canada and the EU in June (see our previous blog post here) and the sectoral sanctions also introduced by the EU in June (see our previous blog post here).

COVID-19 represents one of the greatest ever shocks to our economies and, in consequence, to the business models of financial institutions and the way they do business. While many changes to business processes and operations were already taking place prior to the pandemic, COVID-19 has given many added impetus and urgency. Decision-makers must choose between adapting a wait-and-see approach or implementing more proactive strategies to safeguard and, if possible, grow their businesses.

Welcome to our Virtual Global Trade Conference, a virtual offering for all our clients and friends worldwide. Baker McKenzie’s international trade compliance lawyers from around the world discussed the major developments impacting international trade. The sessions include trade policy, exports, sanctions, customs, China trade developments and trade developments.

On 7 July 2021, the Swiss government amended the list of designated parties in its Ordinance of Measures against Belarus, targeting an additional 78 individuals and 7 entities. These designated parties are subject to asset freezes, travel bans and a prohibition on funds and economic resources being made available to them or parties owned or controlled by them.

On 8 June 2021, the Swiss Agency for Therapeutic Products issued a press release announcing the results of Operation PANGEA XIV. Authorities worldwide have been checking for criminal online sales of medicines in a coordinated operation: The week from 18 to 25 May saw a coordinated worldwide campaign against the illegal online trade in medicines.

On 8 June 2021, the Swiss Agency for Therapeutic Products issued a press release announcing the results of Operation PANGEA XIV. Authorities worldwide have been checking for criminal online sales of medicines in a coordinated operation: The week from 18 to 25 May saw a coordinated worldwide campaign against the illegal online trade in medicines.

The Global Financial Institutions Industry Podcast includes 13 episodes on the following topics: Operational Risk, Risk Management Guidelines, Fintech, Financial Institutions, Insurtech, Insurance and Financial Sponsors.

The Medical Device Regulation (“MDR”) enters into force in the EU. As from that date, the Mutual Recognition Agreement (“MRA”) between Switzerland and the EU no longer applies to trade in medical devices. To avoid a ban on imports, the Swiss Federal Government on 19 May 2021 adopted contingency rules providing for a grace period and clarifying the rules that medical devices need to meet for continued import into Switzerland.