Sudan joins the UN’s Convention on the Recognition and Enforcement of Foreign Arbitral Awards.

Flag_of_Sudan.svg

Credit: Wikipedia 

In October 2017, the US revoked certain sanctions against Sudan and the Sudanese government. These sanctions include those put in place by then-President Clinton (Executive Order 13067) and then-President Bush (Eexecutive Order 13412). However, OFAC sanctions related to the conflict in Darfur: EO 13400, EO 13067.

Following the removal of sanctions, the Sudanese government has made efforts to increase foreign investment – with the Sudanese state minister touring Germany, Bahrain and other countries in December 2017.

In a move to further increase foreign investment to Sudan, on Tuesday, April 3rd, Sudan joined the network of countries that agree to enforce and recognize other nation’s arbitral awards. By joining this network, the Sudanese government hopes to increase confidence of foreign investors – especially in Sudan’s oil and gas sector.

Nations that sign the UN Convention on the Recognition and Enforcement of Foreign Arbitral Awardshe Signatories to the New York Convention agree to recognize arbitration agreements and enforce awards issued in other countries party to the rules. This agreement is viewed as the basis for international arbitration and allows a way for companies to settle commercial disputes.

The removal of 20 years of trade and financial sanctions will allow U.S. citizens and companies to now do business in Sudan, including deals with their government. However, U.S. citizens and companies are still probibited from conducting business with parties on the OFAC list.

If you or your company is planning to invest in Sudan, contact our offices, we can verify compliance with the most recent OFAC list and assist your company in taking all efforts to maintain export compliance – David Hsu, 832-896-6288 or by email at dhsu@givensjohnston.com.