As the war in Ukraine rages, UK SMEs are facing new import and export headaches on top of any problems already being experienced with Brexit.
Any business involved in international trade, whether importing, exporting or part of the supply chain supply to those firms, is faced with a rapidly changing regulatory environment.
In particular manufacturers, distributors, and SMEs need to keep up with the changing global sanctions due to the conflict in Ukraine or potentially face stiff penalties. The same applies to the rest of the world where sanctions may already apply.
Tracking sanctions in real time
To support UK business, a new real-time tracking device has been launched by Coriolis Technologies in partnership with the Institute of Export & International Trade (IOE&IT).
The developers say it is imperative in times like these that traders have access to the right information, advice and guidance, to ensure that they comply with sanctions.
The free to use online tracker helps businesses navigate the complexity of trading restrictions imposed on Russia, and Belarus and covers US, EU and UK sanctions against companies and individuals, dual-use goods, and specifically sanctioned goods.
It works by aggregating data directly from a range of global government sources, including UN, EU and UK dual-use goods lists, the UN, US and EU Consolidated Screening Lists, and US Sanctions List (OFAC), among others, before presenting the information in a dynamic, searchable database.
As new sanctions are released, new and relevant sources will be added to ensure that the most up to date and available information is present in the tracker.
Users can search the following:
- Dual-Use goods
- US Sanctioned persons
- US Sanctioned companies
- UK Sanctioned persons
- UK sanctioned companies
- EU Sanctioned persons
- EU sanctioned companies
- OFAC Sanctions – Specially Designated Nationals
- OFAC Sanctions – Consolidated; and
- Sanctioned goods, including luxury goods, oil and gas
Institute of Export & International Trade director general, Marco Forgione said: “It is imperative in times like these that traders have access to the right information, advice and guidance, to ensure that they comply with sanctions wherever they are in the world. The technology behind the Sanctions Tracker has been developed to help businesses ensure they do that.
“The IOE&IT is committed to supporting exporters to trade with confidence. Being able to access real time information on which sanctions will impact them and will help to keep legal trade flowing.”
Helping SMEs navigate in a rapidly changing landscape
Coriolis Technologies chief executive, Dr Rebecca Harding said: “In troubling times, I am proud to be able to divert resources from the development of our recent ESG tracking tool to build something reactive that can help SMEs navigate in a rapidly changing landscape.
“Coriolis Technologies is committed to applying our research, technology and workforce to help SMEs access all aspects of the industry. We believe that the real-time sanctions tracker will allow them to identify sanctions that will impact their world quickly.”
The real-time global sanctions tool can be viewed online here.
For help and advice on related matters please contact our expert team.