Resources
The following articles/resources relating to the Ukraine situation may be of interest to members.
2023
March 9, 2023 The Russian Elites, Proxies, and Oligarchs (REPO) Task force issued REPO Global Advisory identifying certain typologies of Russian sanctions evasion tactics and issuing recommendations to mitigate the risk of exposure to continued evasion.
March 2023 The European Parliament briefing paper “EU sanctions on Russia: Overview, impact, challenges”.
March 2023 OFSI guidance on monetary penalties and enforcement
Guidance for EU operators: Implementing enhanced due diligence to shield against Russia sanctions circumvention
2022
September 2022
Please
click here to access a webinar held in early September 2022 on then recent developments in UK sanctions. The speakers were Michael O’Kane, senior partner at Peters & Peters LLP Maya Lester QC and Giles Thompson Director of OFSI.
August 2022
Please follow this link to see a detailed and comprehensive review by
Shearman &Sterling LLP law firm of US,UK ,EU sanctions (and Russia counter sanction measures) as of 10 August 2022.
Click here for a webinar new reporting obligations for Cryptoasset businesses (August 2022) that need to comply with UK sanctions.
OFSI updated general guidance for financial sanctions.
July 2022
Financial Sanctions Evasion Typologies -red alert (see our "United Kingdom" page also for more information).
April 2022
Press statement dated 27 April 2022 by President von der Leyen following the announcement by Gazprom on the disruption of gas deliveries to certain EU Member States.
Ethical considerations for accountants working overseas (April 26 2022) written by the Chartered Accountants Ireland Head of Ethics and Governance, Niall Fitzgerald.
Financial Reporting implications of the war in Ukraine under FRS 102 is an article from April 8,2022 prepared by Chartered Accountants Ireland outlining some of the key financial reporting issues that preparers may face relating to the war.
“Shaping Europe’s financial future” Mairead McGuinness, EU Commissioner for Financial Services, Financial Stability and Capital Markets Union, talks to Elaine O’Regan in Accountancy Ireland April 2022 including about her role in implementing sanctions to stop the “Kremlin war machine”
From the Accountancy and Consulting/Risk /Other Firms
KPMG :Ukraine-Russia conflict – What are the implications for fair value measurement?
fscom,a specialist consulting firm providing governance, risk and compliance solutions has produced useful information on its website on how firms should respond to sanctions which you can read here.
See here an article by Marsh Mc Lennan entitled "Russia-Ukraine conflict: Long-term risks emerging" published in August 2022.
See also the linked article from Lloyds list maritime intelligence data which reports the limited impact of sanctions on Russia’s outbound sailings, and the decimation of Ukrainian trade .It reports that Russia’s outbound seaborne trade remains stable despite successive waves of sanctions levelled against Moscow by the European Union, US and UK. Russia’s international seaborne trade has adapted quickly to the sanctions regime, finding alternative trading partners.
From the Law Firms
Many law firms have pages dedicated to the Ukraine crisis and sanctions.
Mayer Brown has a webpage which includes EU, UK and US sanctions updates
Field Fisher: If you click here, you can go to Field Fisher webpages for new UK, EU and US Sanctions on Russia and Belarus updates. They also have a sanctions summary, and you can request a download of their overview of new UK, EU and US Sanctions on Russia and Belarus.
Clyde & Co: click here to go to Clyde & Co insights webpages which contain articles on UK ,EU and US sanctions on Russia.
Herbert Smith Freehills issue a periodic sanctions tracker update which focus on sanction measures against Russia from the UK the EU and the US. Please also click to access their Sanctions Podcast EP 6.
Eversheds Sutherland have a webpage Keeping you up to speed: Russian and Belarusian sanctions updates
Arthur Cox, solicitors :click the links for an article on Sixth Package of EU Sanctions against Russia and Belarus and an earlier article on EU sanctions against Russia and potential implications for Irish pension schemes
Linklaters has a webpage which you can access to get periodic updates .Click the link for update No.3 Responses to the Russia/Ukraine Crisis – Sanctions Update No.3 here for the link to Update No 4 of August 2022 and here for a brochure entitled six months on -changes to international business since Russia's invasion of Ukraine.
Reed Smith has an article which you can read here on EU sixth package of sanctions against Russia -oil and insurance embargoes and White & Case article on the same subject can be accessed here
See Philip Lee LLP webpage Overview of sanctions on Russia.
Please follow this link to see a detailed and comprehensive review by Shearman &Sterling LLP law firm of US,UK ,EU sanctions (and Russia counter sanction measures) as of 10 August 2022.Please also click here for Shearman & Sterling LLP second quarter round up and memo on sanctions.
Steptoe & Johnson LLP recently issued a blog on the UK announcements on further sanctions against Russia which include a proposed ban in relation to auditing services.
Click here for an article from CMS Legal of March 2022 entitled EU and UK Sanctions against Russia: a focus on the Financial Sector
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