On 14 March 2022, the European Securities and Markets Authority (ESMA) published guidance on the annex to its opinion determining third-country trading venues for the purpose of transparency under the Markets in Financial Instruments Regulation (MiFIR). The guidance provides an overall description of the third-country trading venues’ assessment. It also provides general guidance concerning updates to the list of venues and venue execution in post trade reports. Guidance is also provided on specific fields including market identifier codes and active / inactive venues. In relation to the latter the ESMA states that in the context of the EU sanctions on Russia, trading venues established in Russia are considered inactive from 14 March 2022 and until further notice.