Cybersecurity

• War Exclusion Does Not Bar Recovery for Losses from a Nation-State Cyber Attack (02.25.22)
  Policyholders should take notice of certain insurers’ expansive changes to “war” exclusions, even as insurance premiums are rising in response to the growing trend of cyber attacks on businesses and critical infrastructure.

Disputes 

• Expropriations Related to the Russia Sanctions May Trigger Liability under Investment Treaties (03.15.22)
  Recent reports suggest Russia may expropriate or nationalize assets of foreign investors. Investors should be aware that such actions may breach bilateral or multilateral treaties that include investor protection.

Intellectual Property

• Russia Introduces Tools for Russian Persons to Continue Use of Foreign IP Rights without Consent from Rightsholder (6.3.22)
  Russia has recently taken measures to allow its companies to continue the use of foreign intellectual property rights without consent from the rightsholder. Payments for this use will now be made to a special “O” account opened in an authorized Russian bank instead of directly to the rightsholder.
  

International Trade, Export Controls and Sanctions

• Additional Sanctions and Export Control Restrictions Imposed on One-Year Anniversary of Russia-Ukraine Conflict (2.28.23)
  On February 24, 2023, the one-year anniversary of the Russia-Ukraine conflict, the United States released extensive new measures designed to impose additional sanctions on Russia for its aggression against Ukraine.

• Additional EU and UK Sanctions Imposed on Russia (2.28.23)
  On February 24 and 25, 2023, the United Kingdom and European Union each adopted additional sanctions against Russia due to the ongoing conflict in Ukraine.

• Russia Sanctions Year in Review: Impact on Aviation Sector (2.23.23)
  Over the past year, export controls on the aviation industry and sanctions on companies that support the Russian aviation sector have grown increasingly complex. Those rules have also been applied to Russia’s ally, Belarus. Meanwhile, Russia has imposed a number of significant countermeasures in order to keep aircraft within Russia. 

• Russia Sanctions Year in Review: Impact on Energy Sector (2.14.23)
  As Russia’s largest industry, the energy sector has been a focus of sanctions designed to deter the continuation and escalation of the conflict in Ukraine, with policies targeting the trade in oil and gas, new equity and debt, investment in energy projects, and export to Russia of equipment and parts, as well as designations of specific companies and individuals in the sector.

• Russia Sanctions Year in Review: Impact on Financial Services Sector (2.9.23)
  The United States, European Union, United Kingdom, and other countries initially issued a coordinated barrage of sanctions against the Russian financial sector, cutting off many major banks from the global financial system. Over time, however, important deviations between jurisdictions began to emerge, creating a vast and multijurisdictional impact. 

• Overview of the EU’s Ninth Sanctions Package and the UK’s Latest Restrictive Measures Against Russia (12.22.22)
  On December 16, 2022, the EU issued its ninth package of sanctions against Russia. Here we summarize what measures are included in this sanctions package.

• Implementing the Russian Oil Price Cap – Most Recent U.S. Guidance (12.13.22)
  On December 5, 2022, the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) announced a $60 per barrel price cap on maritime transfers of Russian-origin crude oil. The final cap level is being implemented multilaterally by the Price Cap Coalition, which include the Group of 7 (G7) nations and Australia.

• Preparing for the Oil Price Cap: What We Know So Far (11.22.22)
  The cap comes into effect December 5, 2022, for crude oil (including condensate) and February 5, 2023, for petroleum products. U.S. guidance issued September 9, 2022, and EU and UK regulations issued in October and November 2022 provide key details that may help companies and financial institutions prepare for compliance and recordkeeping.

• Latest UK and EU sanctions against Russia (11.10.22)
  The EU published its eighth package of measures and the UK has published a number of new regulations to implement previously announced measures.

• Navigating Russia Sanctions: Strategies for Companies to Mitigate Supply Chain Risks (10.6.22)
  The risk of inadvertently violating sanctions and export controls through indirect business activities are particularly present in supply chains involving countries that continue to openly trade with Russia, such as China. 

• New Sanctions and Export Controls in Global Response to the Attempted Annexation of Ukrainian Territory (10.4.22)
  Measures include actions by the Office of Treasury’s Office of Foreign Assets Control (OFAC), the U.S. Department of Commerce’s Bureau of Industry and Security (BIS), the U.S. Department of State, and the United Kingdom (UK) Office of Financial Sanctions Implementation (OFSI), as well as further announcements from the European Union (EU).

• G7 Agrees on Price Cap for Russian-Origin Oil and Related Products – What Companies Need to Know (9.2.22)
  On September 2, 2022, the Group of 7 (G7) nations formally announced its consensus to implement a global price cap on Russian oil and petroleum products in response to the ongoing conflict in Ukraine.

• EU Issues a “Maintenance and Alignment” Regulation while UK Publishes a Succession of Amendments to Its Sanctions Regime against Russia (7.28.22)
  On July 21, 2022, the EU published its “maintenance and alignment” package of sanctions, seeking to tighten existing sanctions, perfect their implementation, and strengthen their effectiveness. 

• Further UK and EU Restrictive Measures Introduced Against Russia and Belarus (6.28.22)
  On June 3, 2022, the EU adopted a sixth package of sanctions against Russia which includes economic, individual, media and diplomatic measures.

• Further Sanctions Issued Against Russia: Services, Export Controls and Visa Restrictions (5.17.22)
  On May 8, 2022, the White House announced a number of measures in response to Russia’s ongoing war in Ukraine, including prohibitions on new categories of services to Russia by U.S. persons; export controls on certain industrial goods; and the addition of several shipping companies, bank executives, and television companies to the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) Specially Designated Nationals and Blocked Persons (SDN) List.

• Latest EU and UK trade sanctions against Russia and Belarus (4.11.22)
  In early April 2022, a number of new EU and UK measures against Russia and Belarus were announced.

• Recent U.S. Sanctions and Export Control Measures Imposed Against Russia (4.8.22)
  The United States and global allies have issued unprecedented sanctions against Russia in response to the war in Ukraine, applying ever-expanding pressure on the Russian economy and touching virtually every industry. 

• How Russian Sanctions Can Create Bank Risks (03.16.22)
  Coordinated sanctions responses by the United States, UK, EU and other countries have crippled Russia’s economy as a consequence of President Vladimir Putin’s invasion of Ukraine. The list of international companies pulling their businesses out of Russia continues to lengthen each day, and risks to remaining banks continue to increase.

• Further UK and EU sanctions and export controls targeting Russia and Belarus (03.11.22)
  The UK Government added a further seven oligarchs to its list of sanctions targets, as well as 386 members of the Russian Duma. In addition, airport operators, air traffic controllers and the Secretary of State have been granted new powers to issue directions to Russian aircraft and to suspend and revoke permissions needed to operate. 
• Making Sense of Sanctions Versus SWIFT Delisting (03.07.22)
  The U.S., UK and EU announced their agreement that certain Russian banks would be delisted from the Belgian-based Society for Worldwide Interbank Financial Telecommunication (SWIFT). This ban prevents SWIFT from providing financial messaging support to named financial institutions and their Russian subsidiaries. 
• Further Sanctions Issued Against Russia and Belarus from the EU and UK (03.03.22)
  In recent days, the EU and UK have imposed additional export controls and sanctions with respect to Russia and Belarus connected to the Russian invasion of Ukraine.
• BIS Hits Russia and Belarus with Sweeping New Export Control Restrictions (03.03.22)
  The U.S. Department of Commerce, Bureau of Industry and Security (BIS) issued a final rule immediately imposing sweeping export control restrictions against Russia, and issued another imposing the same export restrictions against Belarus.
• Further EU and UK Measures Taken Against Russia (02.28.22)
  Global pressure on the Putin regime has intensified with both the EU and the UK adding further persons to their respective asset freeze lists, and both now designating Mr. Putin and his Foreign Minister, Mr. Lavrov.
• European and UK Sanctions Update – Further Measures Imposed (02.25.22)
  The EU and UK have imposed further sanctions in response to the invasion of Ukraine and the recognition by Russia of the Donetsk and Luhansk People’s Republics (DNR and LNR) of Ukraine as independent territories.
• Expanded U.S. Sanctions Targeting Russia’s Financial Sector (02.24.22)
  President Biden announced measures by the Office of Foreign Asset Control (OFAC) and the Bureau of Industry and Security (BIS)—primarily targeting Russia’s financial sector—designed to maximize consequences for Russia and show solidarity with Ukraine. 
• Russia Invades and the West Reacts: U.S. Government Intensifies Sanctions and Export Controls Against Russia (02.24.22)
  The U.S. Government issued a number of sanctions measures, including sweeping financial sanctions and stringent export controls that will have broad impacts on companies and individuals doing business in Russia, Ukraine and Belarus.
• Further Sanctions Issued by the U.S. Government and Global Allies (02.23.22)
  President Biden announced additional sanctions blocking two Russian financial institutions and their subsidiaries;  five Russian individuals associated with the Putin regime; and Nord Stream AG and its CEO. Sanctions targeting Russian sovereign debt and persons who support such transactions have also been expanded.
•  Initial Global Sanctions on Russia in Response to Events in Eastern Ukraine (02.22.22)
  In response to President Putin’s recognition of Donetsk and Luhansk People’s Republics of Ukraine as “independent” nations, the United States has imposed Crimea-style sanctions prohibiting new U.S. investment as well as imports and exports to and from the regions. The EU and UK have sanctioned banks and oligarchs, and Germany has suspended certifications on the NordStream2 pipeline project.

Nuclear Safety

• How Russian Sanctions Can Affect Current and Developing Reactors in the U.S. (03.15.22)
  Questions about the cost and flow of fuel to current and developing U.S.-based nuclear facilities are piling up. With import sanctions in play, many want to know the weight of their potential impact, particularly on the advanced U.S. reactors touted by advocates as a tool for tackling climate change.
• Possible Motives for the Ukraine Conflict and the Safety of U.S. Nuclear Facilities (03.15.22)
  The continuation of the Russia-Ukraine conflict has led many to question the safety of American nuclear facilities, among others across the world. Pillsbury global Energy section leader and former U.S. Nuclear Regulatory Commission (NRC) commissioner Jeff Merrifield offered insights to both radio and television audiences on Russia’s possible motive for taking Chernobyl and the safety of nuclear facilities in the U.S.
• Wall Street Journal Op-Ed: Russia Sees Gold in Ukraine’s Nuclear Plants (03.11.22)
  

  An unappreciated motive for Russia’s invasion of Ukraine: Kyiv was positioning itself to break from its longtime Russian nuclear suppliers. By taking over Chernobyl, Russia gives itself control of Ukrainian spent fuel, the disposal of which represents hundreds of millions of dollars for Russia's state-owned nuclear enterprise.

Real Estate

• Specially Designated Nationals as Tenants: How Landlords Can Be Impacted by Sanctions Against Russian Nationals (04.01.22)
  While recent sanctions are aimed at crippling the Russian economy, their impact has also had a profound impact on a broad array of U.S. industries. In particular, the listing of Specially Designated Nationals (SDNs) has the potential to impact any American doing business with a named party, including landlords who lease real estate to sanctioned persons.
• Commercial Real Estate Brokerages in an Uncertain Russian Market (03.15.22)
  Several commercial real estate firms have joined the growing list of companies temporarily suspending – or outright terminating – property and facility management operations in Russia amid economic sanctions and mounting international pressure.