Editing Economic sanctions (section)

==Implications for businesses==
There is an importance, especially with relation to financial loss, for companies to be aware of embargoes that apply to their intended export or import destinations.<ref>{{Cite web|title=Do I need an export licence?|url=https://www.gov.uk/guidance/beginners-guide-to-export-controls|access-date=2021-03-05|website=GOV.UK|date=11 December 2020 |language=en}}</ref> Properly preparing products for trade, sometimes referred to as an embargo check, is a difficult and timely process for both importers and exporters.<ref>{{Cite web|title=SAP Help Portal|url=https://help.sap.com/viewer/bdb1d2fb216941a69f6300006343e977/11.0.16/en-US/4addab208f6f23aee10000000a42189c.html|access-date=2021-03-05|website=help.sap.com}}</ref>

There are many steps that must be taken to ensure that a [[List of legal entity types by country|business entity]] does not accrue unwanted fines, taxes, or other punitive measures.<ref>{{Cite web|title=US Trade Sanctions Are a Trap for the Unwary {{!}} Norton Rose Fulbright|url=https://www.projectfinance.law/publications/us-trade-sanctions-are-a-trap-for-the-unwary|access-date=2021-03-05|website=www.projectfinance.law|language=en}}</ref> Common examples of embargo checks include referencing embargo lists,<ref>{{Cite web|title=Office of Foreign Assets Control - Sanctions Programs and Information {{!}} U.S. Department of the Treasury|url=https://home.treasury.gov/policy-issues/office-of-foreign-assets-control-sanctions-programs-and-information|access-date=2021-03-05|website=home.treasury.gov}}</ref><ref>{{Cite web|title=Perform Sanction, PEPs and Watchlist Verification w/ Lexis Diligence|url=https://www.lexisnexis.com/en-us/products/lexis-diligence/sanction-peps-and-watch-list-verification.page|access-date=2021-03-05|website=www.lexisnexis.com}}</ref><ref>{{Cite web|title=SAP Help Portal|url=https://help.sap.com/viewer/5424e112323f4f8fa760fe742cde1a1c/6.17.17/en-US/f6eed353ca9f4408e10000000a174cb4.html|access-date=2021-03-05|website=help.sap.com}}</ref> cancelling transactions, and ensuring the validity of a trade entity.<ref>{{Cite web|title=World-Check KYC Screening & Due Diligence|url=https://www.refinitiv.com/en/products/world-check-kyc-screening|access-date=2021-03-05|website=www.refinitiv.com|language=en}}</ref>

This process can become very complicated, especially for countries with changing embargoes. Before better tools became available, many companies relied on spreadsheets and manual processes to keep track of compliance issues. Today, there are software based solutions that automatically handle sanctions and other complications with trade.<ref>{{Cite web|title=Export Control and Sanctions Compliance {{!}} About SAP|url=https://www.sap.com/about/agreements/export-statements.html|access-date=2021-03-05|website=SAP|language=English}}</ref><ref>{{Cite web|title=Embargo Check|url=https://www.anasys.com/en/embargo-check/|access-date=2021-03-05|website=AnaSys a Bottomline Company|language=en-GB}}</ref><ref>{{Cite web|date=2021-01-22|title=Embargo Check|url=https://www.uniserv.com/en/solutions/data-quality-tools/embargo-check/|access-date=2021-03-05|website=Uniserv GmbH - Customer Data Experts.|language=en|archive-date=2022-04-07|archive-url=https://web.archive.org/web/20220407170314/https://www.uniserv.com/en/solutions/data-quality-tools/embargo-check/|url-status=dead}}</ref>