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.
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