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  • SC Group Sanctions Policy Statement: Crimea & Sevastopol

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    Standard Chartered has a strict sanctions policy to comply with all applicable economic sanctions laws. Any violations could damage their reputation and regulatory relationships. Their policy prohibits transactions that directly or indirectly involve sanctioned parties as defined by the UK, EU, US or UN. It also prohibits activity with certain sanctioned governments and regions, including Cuba, Iran, North Korea, Syria, Crimea, and parts of Russia and Venezuela, except in limited circumstances permitted by regulations. The Group may update its sanctions prohibitions and policies at any time.

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    Standard Chartered has a strict sanctions policy to comply with all applicable economic sanctions laws. Any violations could damage their reputation and regulatory relationships. Their policy prohibits transactions that directly or indirectly involve sanctioned parties as defined by the UK, EU, US or UN. It also prohibits activity with certain sanctioned governments and regions, including Cuba, Iran, North Korea, Syria, Crimea, and parts of Russia and Venezuela, except in limited circumstances permitted by regulations. The Group may update its sanctions prohibitions and policies at any time.

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    21 views2 pages

    SC Group Sanctions Policy Statement: Crimea & Sevastopol

    Uploaded by

    PatrickLnandu
    Standard Chartered has a strict sanctions policy to comply with all applicable economic sanctions laws. Any violations could damage their reputation and regulatory relationships. Their policy prohibits transactions that directly or indirectly involve sanctioned parties as defined by the UK, EU, US or UN. It also prohibits activity with certain sanctioned governments and regions, including Cuba, Iran, North Korea, Syria, Crimea, and parts of Russia and Venezuela, except in limited circumstances permitted by regulations. The Group may update its sanctions prohibitions and policies at any time.

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    of 2

    SC Group Sanctions Policy Statement

    Standard Chartered, including its subsidiaries and affiliates (the “Group”), is firmly committed to
    complying with all applicable economic sanctions laws that are legally binding upon the Group and
    its businesses.

    Any breach of sanctions may have a serious impact on our reputation, franchise, regulatory
    relationships and could impair the Group’s ability to provide products and services to clients. The
    Group has therefore established a sanctions policy that may be more stringent than what is
    permitted by law and regulation.

    The Group adopts a policy of not entering into any transaction that either directly or indirectly
    involves or is for the benefit of any Sanctioned Parties, even where this would be legally permitted.
    For these purposes, Sanctioned Parties are defined as:

    (a) parties that any one or more of the United Kingdom (UK), the European Union (EU), the
    United States (US) or the United Nations (UN) has listed as the target or subject of
    sanctions; or
    (b) parties which are 50% or more owned (individually or in aggregate) by, or otherwise
    controlled by, any party described in (a) above; or
    (c) parties which have been internally identified as presenting an unacceptable level of
    sanctions risk to the Group.

    The Group also prohibits and will not facilitate activity with certain governments or parties within
    certain geographies that are targeted under the sanctions programs of the UK, EU, US, or UN.
    The Group neither maintains a presence in these sanctioned geographies nor is it the target of
    these sanctions programs. As these are a direct consequence of international relations, the
    Group’s sanctions policy and specific prohibitions change from time to time. Current prohibitions
    include the following:

    (a) Cuba – The Group does not undertake any transaction that has any US nexus (e.g.
    involving USD, US persons, US goods, etc), involving Cuba, any party in Cuba, or the
    Government of Cuba and its agencies and instrumentalities wherever located; except in
    very limited circumstances where permitted by an applicable US regulation or Office of
    Foreign Assets Control (OFAC) licence and approved in strict accordance with the Group’s
    policy and standards;

    (b) Iran – The Group does not undertake any transaction involving Iran, any party in Iran, or
    the Government of Iran and its agencies and instrumentalities wherever located;

    (c) North Korea – The Group does not undertake any transaction involving North Korea, any
    party in North Korea, or the Government of North Korea and its agencies and
    instrumentalities wherever located; except in very limited circumstances where permitted by
    an applicable UK, EU, US, and UN regulation or license and approved in strict accordance
    with the Group’s policy and standards;

    (d) Syria – The Group does not undertake any transaction involving Syria, any party in Syria,
    or the Government of Syria and its agencies and instrumentalities wherever located; except
    in very limited circumstances where permitted by an applicable UK, EU, US, and UN
    regulation or licence and approved in strict accordance with the Group’s policy and
    standards;

    (e) Crimea & Sevastopol – The Group does not undertake any transaction involving Crimea
    and Sevastopol or any party in Crimea and Sevastopol; except in very limited circumstances

    Page 1 of 2 4 May 2020


    where permitted by an applicable UK, EU, US, and UN regulation or licence and approved
    in strict accordance with the Group’s policy and standards;

    (f) Russia – The Group does not undertake any transaction involving:

    i. the Russian military, intelligence services, or related to defence equipment, or any


    Russian government entity connected with the foregoing.
    ii. investments that directly and significantly enhances the ability of Russia to construct
    energy export pipeline projects; the sale, lease, or provision of goods or services to
    Russia that directly and significantly facilitate the expansion, construction, or
    modernization of energy export pipelines by Russia; or the sale, supply, transfer or
    export, directly or indirectly, to Russia or for use in Russia of technologies used in
    the oil exploration/exploitation in Arctic, deep water or hydraulic shale projects.
    iii. any entity (including its subsidiaries) targeted by the UK, EU, or US for “Sectoral
    Sanctions” where the transaction falls within the scope of the specifically prohibited
    activity. This currently includes:
    1. the direct or indirect provision, exportation, or re-exportation of goods
    and/or services, or technology in support of exploration or production for
    deepwater, arctic offshore, or shale projects, that have the potential to
    produce oil;
    2. debt or equity issued, made or provided on or after the date upon which
    the entity subject to Sectoral Sanctions was targeted for the sanction,
    including the provision of services in support of the foregoing; and
    3. letters of credit in which the entity subject to Sectoral Sanctions is the
    issuing or applicant bank.
    iv. investments in privatization of Russian state-owned assets.
    v. the following activities with the Russian Sovereign (i.e. any Russian ministry,
    agency, or sovereign fund):
    1. participation in the primary market for non-ruble denominated bonds
    issued by the Russian Sovereign; and
    2. lending non-ruble denominated funds to the Russian Sovereign.

    (g) Venezuela – The Group does not undertake any transaction related to the provision of
    financing for and any other dealings involving the Venezuelan military or the Venezuelan
    Government, including its property, or entities owned or controlled by the Venezuelan
    Government. These prohibitions also extend to all Venezuelan state-owned entities,
    including Petróleos de Venezuela S.A. and the Central Bank of Venezuela. The Group may,
    however, consider undertaking transactions that have been permitted by an applicable UK,
    EU, US, and UN regulation or licence.

    The Group may change the prohibitions described here without notice at any time. If you have
    any queries in relation to the Group’s policy position in relation to Sanctions, please contact your
    Relationship Manager.

    Page 2 of 2 4 May 2020

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