On February 24, 2022, Russia’s entry into Ukraine set off an unprecedented wave of sanctions and export controls by a wide coalition of countries, including the United States, the United Kingdom, the European Union, Canada, Japan, South Korea, Australia, and New Zealand. The goal of these measures is to cripple the Russian economy and its military capability, and they have had a widespread impact—both direct and indirect—on a broad array of global industries.
Although the sanctions and export controls imposed by the international community are largely uniform in theme, they vary meaningfully in their implementation, leading to important and increasingly complex differences in scope and interpretation. It has therefore become vital for companies to be aware of the applicable regulations in every jurisdiction in which they operate. It is also important to be aware of countermeasures adopted by Russia.
This post begins a series that will offer a comprehensive overview of U.S., UK and EU sanctions and Russian countermeasures in four sectors in which our team has been particularly active: financial services, energy, aviation, and technology. We will conclude the series with a post discussing further measures currently expected as we move into the second year of the conflict.