The UK Government this week introduced sanctions which can target businesses believed to be benefitting or supporting the Russian government and their owners, directors and trustees.
The new criteria will allow sanctions to be imposed against Russia’s largest and most strategically important businesses, including those in the chemicals, construction, defence, electronics, energy, financial services, transport and digital technologies sectors. There is considerable speculation about the wider package of sanctions that could potentially be introduced to target exports, trade and Russian financial institutions.
Businesses can take steps in advance of any escalation in sanctions, starting with a review of the business’ contractual arrangements in place with Russian counterparties. Termination, choice of law and jurisdiction clauses in any contracts linked to Russia should be reviewed to identify the contractual remedies available…
