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On March 15th, 2022, CGCC and Morrison & Foerster co-hosted “New Russia Sanctions: Details and Impact.” The webinar invited members of the firm’s National Security team to discuss the scope and impact of significant new U.S. and EU sanctions and export controls imposed in response to the Russian invasion of Ukraine.
(Left to right) John E. Smith, Former Director of the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) and Partner at Morrison & Foerster (Washington, D.C.); Sherry Yuan Qu, Executive Director of CGCC; Felix Helmstaedter, Counsel at Morrison & Foerster (Berlin office); Gareth Rees, Partner, Morrison & Foerster (London office)
KEY TAKEAWAYS FROM THE EVENT
1. Global companies need to ensure that any transactions involving Russia (or Belarus or the separatist regions of Ukraine) that transit the United States, European Union, or the United Kingdom comply with these new and rapidly evolving sanctions restrictions. Other countries — such as Australia, Canada, Japan, South Korea, and Switzerland, for example — also have imposed new Russia restrictions, so any global trade with Russia these days should be assessed carefully.
2. Companies need to ensure they are using all applicable sanctions lists to screen their direct customers and any others involved in the transaction chain, including known end-users, intermediate parties, and all participating financial institutions. They also should be screening the beneficial owners of these same counter-parties.
3. Legal and reputational risks should be evaluated and assessed, even when engaging in transactions outside the U.S., EU, and UK, because companies that are seen to be supporting the Russian violence in Ukraine may find themselves targeted by sanctions or subject to boycotts.
CGCC sincerely thanks Morrison & Foerster and the event’s distinguished speakers for a timely and informative event.
View the event presentation here.
Visit CGCC’s Legal and Policy Resource Center for more information on U.S.-China-related legal topics.
Click here to learn more about Morrison & Foerster