Responses to the Russia/Ukraine Crisis - Sanctions Update No. 7

It is nearly two years since Russia first invaded Ukrainian territory. Countries in the West and beyond have responded by imposing a raft of financial and trade sanctions on Russian entities, individuals and other supporters of the Russian regime. Across the globe, businesses and financial institutions have adapted their activities to accommodate commercial restrictions and avoid falling foul of international sanctions.

Given that sanctions are now, largely, embedded in business and financial sectors, domestic authorities’ attention is turning to ensuring those regimes are complied with, limiting the scope for circumvention and penalising those who breach legal restrictions. We have seen loopholes closed, technicalities addressed and guidance published to assist compliance. But individuals and organisations continue to attempt to circumvent restrictions.

In this update to our previous articles in this series we look at the major developments in the UK, EU and U.S. sanctions programmes and consider their impact. We examine the latest actions taken by global governments to promote political change and consider how enforcement is supporting this aim.