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Sanctions and Export Restriction

Sanctions

Sanctions

Many countries are prevented from selling into certain territories (US into Iran for example).

Intersection With Open Source​

  • Sanctions laws can impact open source software development by restricting the export, re-export, or direct product of certain software to sanctioned countries, entities, or individuals.

  • Therefore, open source developers must exercise caution to ensure they're not inadvertently enabling prohibited entities to access or utilize their software in a way that violates these laws, even though the very nature of open source software encourages worldwide collaboration and unrestricted access.

  • Is open source contribution encompassed in "selling"?

  • using russian open source software?

  • core-js

Controls​

Sanctions Regimes​

Banks typically decide which sanctions regimes to follow based on a number of factors, including their legal and regulatory obligations, the countries they operate in, and the risks associated with their business activities.

  • First and foremost, banks must comply with the sanctions regimes imposed by their own country's government. For example, a bank based in the United States must comply with the sanctions regimes imposed by the US government, such as those administered by the Office of Foreign Assets Control (OFAC).

  • In addition to complying with their own country's sanctions regimes, banks must also comply with international sanctions regimes, such as those imposed by the United Nations or the European Union. Banks that operate in multiple countries may also need to comply with the sanctions regimes imposed by the countries in which they do business.

  • Banks must also take into account the risks associated with their business activities, such as the countries they operate in, the industries they serve, and the types of transactions they process. For example, a bank that does business with high-risk countries or industries may need to implement additional sanctions screening and monitoring measures to mitigate the risk of potential sanctions violations.

Example: In 2014, BNP Paribas pleaded guilty to violating US sanctions against Sudan, Cuba, and Iran and agreed to pay a fine of $8.9 billion. The bank was accused of processing transactions in US dollars for clients in those countries in violation of US sanctions.

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