The United States and the European Union have adopted sanctions, or restrictive economic measures, against the Russian Federation due to its military aggression against Ukraine.
Sanctions are aimed at pressing the Russian Federation to cease its wrongful acts and withdraw from Ukraine in compliance with Ukraine’s territorial integrity, sovereignty, and independence. Sanctions also target Belarus and the so-called DNR and LNR regions of Ukraine.
Economic sanctions are affecting the activities that US and EU individuals are carrying out with partners from Russia or in Russian territory. There is a wide range of impacts, such as terminated contracts, interrupted inbound or outbound financial services, interrupted transfers of goods toward the Russian territory, and ceased investments in Russia or in Russian entities.
Generally, individuals under the jurisdiction of the US and the EU Member States are prohibited from directly or indirectly participating in activities that circumvent or have the effect of circumventing the sanctions. Consequently, US and EU persons must conduct appropriate due diligence to avoid importing and exporting goods or services to and from third countries when the risk that those goods and services reach sanctioned persons and regions is high.
BMV has written in collaboration with Reed Smith a report that aims to provide the key elements to become acquainted with sanctions from the Italian-US comparative perspective, such as:
As the crisis develops, the legal and regulatory landscape continues to evolve. References to the law are correct at the time of publication.
The report can be downloaded here:
ECONOMIC SANCTIONS AND INTERNATIONAL BUSINESS - An Italian-US Perspective on Sanctions Triggered by the Russian-Ukrainian Conflict