What is the Impact of the Sanctions Imposed by the UK Against Russia on Finance and Trade Finance Transactions?
In light of Russia’s recent invasion of Ukraine, the international community has responded in new ways through packages of sanctions against the Russian state, Russian banks and named individuals. Amongst other things, UK measures cover a number of trade-related sanctions, namely in respect of energy-related goods or services, infrastructure-related goods, military goods and technical assistance, dual-use goods and technology transfers. Provision of financial sanctions or funds (as defined in the Sanctions and Anti-Money Laundering Act 2018) for such goods, services and technology is also prohibited.
In her latest analysis of the impact of UK sanctions against Russia on trade and trade finance transactions (see previous alert), Jacqueline Cook considers what issues lenders will need to consider moving forward, including:
- what the UK sanctions mean for existing and new finance transactions;
- whether sanctions might trigger a Material Adverse Change (MAC) event of default or any other Event of Default; and
- other specific issues for trade finance transactions.
Please click here for a link to Jacqueline’s banking and finance analysis, produced in partnership with LexisNexis.