Global Connection - The Russia-Ukraine Conflict: Updated Sanctions, SWIFT Action, and Impact on Global Trade
February 28, 2022
By Brett W. Johnson and Mary Colleen Fowler
The international community continues to heighten the compliance burden for companies with business ties to Ukraine and Russia following a new round of sanctions. On February 26, 2022, the United States, along with several other countries, announced it would cut off certain Russian banks from the Society of the Worldwide Interbank Financial Telecommunication (“SWIFT”) system. In addition, multiple countries that usually remain neutral, such as Switzerland, have joined in issuing sanctions against Russia. Although there may be some delay in the sanctions implementation, companies should consider continuing to take efforts to mitigate risk associated with existing and likely future sanctions against the Russian economy.
Read Bio
©2023 Snell & Wilmer L.L.P. All rights reserved. The purpose of this publication is to provide readers with information on current topics of general interest and nothing herein shall be construed to create, offer, or memorialize the existence of an attorney-client relationship. The content should not be considered legal advice or opinion, because it may not apply to the specific facts of a particular matter. As guidance in areas is constantly changing and evolving, you should consider checking for updated guidance, or consult with legal counsel, before making any decisions.
The material in this newsletter may not be reproduced, distributed, transmitted, cached or otherwise used, except with the written permission of Snell & Wilmer.