It will provide a unique public-private forum to discuss the extraterritorial application of economic sanctions, including one key issue: How are judges and arbitrators expected to adjudicate a claim against non-performance triggered by foreign economic sanctions?
Participants will examine the effect of, and justification for, economic sanctions in order to shed light on what is the right balance between government objectives for a safer world and the reality experienced by business.
Industry leaders and their counsel will make the case to government officials on both sides of the Atlantic on how sanctions could be better conceived and applied.
This conference will be of interest to lawyers, compliance officers, bank executives, general managers, payment and treasury officers in companies and banks, government officials and academics.
“Global companies face the unprecedented challenge of how to comply with ever-increasing and often inconsistent economic sanctions. Divergent compliance requirements run counter to legal certainty, which is the linchpin of international trade. They also come at a great cost at a time when company resources should be primarily dedicated to research, development and growth of market-share,” said Georges Affaki, Vice-Chair of the ICC Commission on Banking Techniques and Practice and Co-Chair of the Conference.
The aim of the conference is also to highlight to what extent arbitrators are compelled to give effect to economic sanctions.
“It is critical, especially during the current economic crisis, that trade flows be as open as possible, for the well-being of all business. From another perspective, Judges and arbitrators need to know how to deal with claims for non-performance caused by foreign economic sanctions,” said Yves Derains, Chairman of the ICC Institute of World Business Law, Partner at Derains & Gharavi and Co-Chair of the Conference.
with Dr Georges Affaki, who details the conference.