The events in Ukraine and the economic sanctions imposed on Russia raise a number of broader issues that financial services firms will need to consider, above and beyond the immediate concerns and challenges arising from the imposition of sanctions on clients and counterparties and heightened market volatility.
These include broader questions around governance, financial crime compliance and systems and controls, as well as the approach that firms want to take to manage their reputational risk and their regulatory position. Our global financial services team has broad experience supporting clients to navigate these complex issues from both a legal and compliance perspective.
Beyond Sanctions: Regulation Around the World
As a result of recent events in Ukraine, and the economic sanctions imposed on Russia, there are a number of potential issues facing financial institutions.
Hot topics in sanctions compliance for financial services firms, and broader considerations
The events in Ukraine and the economic sanctions imposed on Russia raise a number of issues that financial services firms will need to consider.
RT Plus - Beyond Sanctions - Cyber resilience
In this next instalment of our Beyond Sanctions series, Haney Saadah and Steve Hadwin discuss the FCA’s recent announcement concerning cyber security in light of the events in Ukraine and what boards should be thinking about.
Further details on measures and guidance regarding Singapore’s unilateral sanctions on Russia in response to its invasion of Ukraine
On 5 March 2022, the Singapore Ministry of Foreign Affairs (“MFA”) unveiled specific measures to be imposed on Russia in response to its invasion of Ukraine.
RT Plus – Beyond Sanctions - Sanctions and governance insights
In this episode of our Beyond Sanctions series, David Harris and Katie Stephen, Co-Heads of our Contentious Financial Services Group in London, discuss their sanctions and governance insights from recent work, as well as some practical takeaways for firms from these.
Russian sanctions: European developments in the area of financial services
In the light of the ongoing Russian invasion of Ukraine, the European Union (EU) Member States adopted a series of new sanctions against Russia. Both the scope, complexity and the expedited pace of adoption of the new restrictive measures is unprecedented, which can make it challenging for financial and non-financial institutions to keep a track of. The following note seeks to provide a short overview of the current European financial services sanctions against Russia, mindful that these may soon be subject to further changes:
Economic Crime (Transparency and Enforcement) Act 2022
On 15 March 2022, the Economic Crime (Transparency and Enforcement) Bill (the Bill) received Royal Assent becoming the Economic Crime (Transparency and Enforcement) Act 2022 (the Act).
Disputes risks in financial transactions arising from the new financial sanctions regime
The new financial sanctions imposed following the Russian invasion of Ukraine have caused rapid dislocation across numerous financial markets.