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ITIC circular: Sanctions against Russia
The US, UK, EU and other countries have updated and announced new sanctions on Russian individuals and entities (including banks) and trade with specific regions in light of Russia’s invasion of Ukraine. The situation is evolving quickly and further sanctions can be expected to follow.
In light of these new sanctions, we advise all members to carry out sanctions checks on clients and all parties involved in any relevant transaction (including intermediary banks), and remind members of their continuing duties to carry out regular checks on all transactions they are involved in and document due diligence that they have undertaken where appropriate.
Members should in particular check whether they maintain any accounts in the sanctioned banks or hold any funds or resources for the sanctioned persons. Guidance from the UK government can be found here in relation to the UK asset freezes and sanctions:
Members should bear in mind practical difficulties that may arise in various transactions, in particular in making or receiving payments, given the uncertain and fast moving situation. Members may also find that transactions involving US$ payments may be caught by US sanctions or that such transactions are blocked due to US banks refusing to process or clear the funds – even if none of the parties to the transaction are US citizens or entities.
If members become aware, or have concerns, that their clients and/or parties in a transaction have subsequently become a sanctioned entity, or are concerned as to whether the sanction regimes apply to any of their transactions, they should contact specialist sanctions lawyers as soon as possible.
Some links regarding the current position in the UK, EU and US can be found here: