Talking Trade Finance

What is the Impact of the Sanctions Imposed by the UK Against Russia on Finance and Trade Finance Transactions?

Posted by Jacqueline Cook on Mar 18, 2022 10:42:55 AM

This post is a follow-up to our recent post "Ukraine in Crisis: What do the UK sanctions against Russia and Russian entities mean for your business? - A practical guide" on UK sanctions against Russia.

In light of Russia’s recent invasion of Ukraine, the international community has responded in new ways through packages of sanctions against the Russian state, Russian banks and named individuals. Amongst other things, UK measures cover a number of trade-related sanctions, namely in respect of energy-related goods or services, infrastructure-related goods, military goods and technical assistance, dual-use goods and technology transfers. Provision of financial sanctions or funds (as defined in the Sanctions and Anti-Money Laundering Act 2018) for such goods, services and technology is also prohibited.

In her latest analysis of the impact of UK sanctions against Russia on trade and trade finance transactions, Jacqueline Cook considers what issues lenders will need to consider moving forward, including:

  • what the UK sanctions mean for existing and new finance transactions;
  • whether sanctions might trigger a Material Adverse Change (MAC) event of default or any other Event of Default; and
  • other specific issues for trade finance transactions.  

Please click here for a link to Jacqueline’s banking and finance analysis, produced in partnership with LexisNexis.

Topics: Russia, Ukraine, UK Sanctions

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About the Blog


Talking Trade Finance is here to provide you with all of the latest updates in the Trade & Export Finance Industry.

The material on this site is for general information only and is not legal advice. No liability is accepted for any loss or damage which may result from reliance on it. Always consult a qualified lawyer about a specific legal problem.

Meet the Editor


fowler-holmes-1

Sam Fowler-Holmes is a partner in the Trade & Export Finance Group in Sullivan’s London office. He specialises in structured and unstructured trade, commodity and export finance, advising both financial institution and corporate clients on a range of financing products including pre-export financing, prepayment financing, letter of credit and payment instrument facilities and working capital and borrowing base financings. Sam is a regular speaker at the Sullivan trade and export finance seminars and is a member of the ITFA Emerging Leaders Committee.

 

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