Canadians and UBC (as a Canadian organization) are prohibited from transacting certain business in sanctioned countries without specific government approval. The prohibitions cover asset freezes, offering technical assistance, and providing financial services and payments. Payments to people in these countries are only possible with prior permission from the Canadian Government. Penalties include significant fines, both for UBC and our bank.
Here at UBC, Treasury can help business units, faculty and staff monitor sanctions compliance, investigate sanctions risk and if necessary obtain the appropriate licenses from the government as early as possible so as not to interrupt the work of a particular engagement.