GCC sanctions in relation to Qatar
It has been well-publicised that, on 5 June 2017, Saudi Arabia, the UAE, Egypt and Bahrain severed diplomatic relations with Qatar. This involved requiring Qatari nationals to leave their jurisdictions and closing land, air and sea travel routes with Qatar.
As at the date of publication, the only additional restrictions imposed in the UAE have been to:
extend an existing list of individuals and organisations as being linked to terrorism; and
impose enhanced due diligence and reporting requirements on regulated entities in the UAE that have dealings with certain Qatari financial institutions.
The restrictions that have been imposed to date do not, however, prohibit business being conducted with Qatari entities or nationals.
The current position is subject to swift and unpredictable changes. Accordingly, it is essential for financial institutions in the Middle East to monitor for any significant developments.
This case summary is part of the Allen & Overy Legal & Regulatory Risk Note, a quarterly publication. For more information please contact Karen Birch – firstname.lastname@example.org, or tel +44 20 3088 3710.