On 4 May 2022, the UK Government announced a ban on services exports to Russia, and as of 21 July 2022 that ban is now in force by virtue of regulation 54C of The Russia (Sanctions) (EU Exit) Regulations 2019 (as amended by The Russia (Sanctions) (EU Exit) (Amendment) (No. 14) Regulations 2022) (the Regulations
UK regulated firms seeking to comply with the Russian sanctions have had to grapple with fast moving legislative and regulatory change, and have inevitably encountered governance challenges along the way. The lessons learned as part of that process have read across which may assist firms in reacting to future developments beyond sanctions. Conducting a governance
The next instalment of our Beyond Sanctions podcast series is now available to stream and download on Apple Podcasts and Spotify.
In this episode, David Harris and Katie Stephen, Co-Heads of our Contentious Financial Services Group in London, discuss some recent developments regarding sanctions enforcement for regulated firms.
For further updates in this area
Following adoption of a series of trade and economic sanctions against Russia (see our earlier Beyond Sanctions publication), the European Commission (the Commission) continues to update dedicated industry guidance in a form of Frequently Asked Questions (FAQs).
The FAQs are divided into five thematic sections:
Our financial services and regulation team have launched the ‘Beyond Sanctions’ insights hub, highlighting the broader issues that financial services firms will need to consider, above and beyond the immediate concerns and challenges arising from the economic sanctions. Visit our hub to find out more.