Following Russia’s recognition of breakaway regions in Ukraine and full-scale invasion of the country, authorities in the United States, United Kingdom, European Union, and across the globe imposed a sweeping array of trade...more
On 9 March, the EU added various new financial restrictions in relation to Belarus, including a SWIFT ban on three Belarusian banks. In relation to Russia, the EU added trade restrictions on maritime navigation equipment and...more
The United States, the United Kingdom, and European Union have led a broad international coalition imposing a sweeping and unprecedented range of economic and financial sanctions against Russia and Belarus in response to...more
The Week in Review delivers the impact and analysis for the public, private, and non-governmental sectors from our daily reporting of the evolving global sanctions campaign against Russia. This week, we reviewed the recent...more
Student Loans: Stressors and Pitfalls as Repayments Begin and CFPB Actions Against Alleged Fraudulent Conduct - On March 13, 2020, near the beginning of the pandemic in the U.S., the CARES Act included a pause for all...more
Since the publication of our February 26, 2022, client alert, the United States, United Kingdom and the European Union, among other allied nations, have imposed additional sanctions and export controls on key elements of the...more
On February 27, 2022, 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). ...more
Highlights - ..This Miles & Stockbridge alert provides a summary of the latest sanctions and developments regarding the ongoing situation in Ukraine. ..In response to Russia’s continued war operations and military...more
On 2 March 2022, the European Union (EU) adopted its fourth package of sanctions against Russia. It excluded seven Russian banks from SWIFT, in consultation with the UK, US and Canada. It also banned co-investments with the...more
The international community continues to heighten the compliance burden for companies with business ties to Ukraine and Russia following a new round of sanctions. On February 26, 2022, the United States, along with several...more
On February 21, 2022, Russian President Vladimir Putin unilaterally recognized the Luhansk and Donetsk regions in Eastern Ukraine (Covered Regions) as independent states. Thereafter, Mr. Putin authorized a full-scale invasion...more
Beginning on February 24, 2022, the U.S. Department of the Treasury Office of Foreign Assets Control (OFAC) and the U.S. Department of State imposed several successive waves of economic sanctions on Russia following the...more
After a weekend in which the West’s major economies made it clear that they’re choosing economic isolation as the desired means of punishing Vladimir Putin and Russia for their invasion of Ukraine, Shell and BP have both...more
The United States government continues to impose significant economic sanctions and export control measures following Russia’s invasion of Ukraine. On February 24, 2022, the U.S. Commerce Department’s Bureau of Industry and...more
Building on the “first tranche” of sanctions announced on February 22, 2022 described in our prior alert, the United States, the EU, the UK, and their allies have imposed (or announced the imposition of) additional...more
This UPDATED post summarizes the situation as of late evening on Monday, February 28, concerning current U.S. sanctions and export restrictions related to Russia and Ukraine. This post supplements our post of late evening on...more
On February 24, 2022, the US Government imposed severe economic sanctions and export controls on Russia. The restrictions consist of two parts: 1) significant financial sanctions on a range of Russian financial institutions...more
Over the past week, the Russian Federation has taken a number of aggressive steps toward Ukraine in furtherance of its ultimate invasion—steps that were immediately condemned by the international community as a blatant...more
With Russian forces massing at the Ukrainian border, the U.S. and EU have been warning of severe economic sanctions. While we wait and watch this brinksmanship play out, it is worth considering how businesses, and...more
China is operating increasingly on a cashless basis. In 2020, cashless transactions amounted to US$49 trillion, accounting for every four out of five payment transactions. The Chinese government has now taken a large leap in...more
In recent years, importers, exporters, and their financial institutions have shifted away from traditional, document-based trade finance instruments and toward non-documentary, “open account” settlement through clean wire...more
In this month's edition of our Privacy & Cybersecurity Update, we discuss a Washington state court decision allowing a data breach lawsuit to move forward on a negligence claim, a Ninth Circuit ruling regarding releasing...more
We know that China’s Didi Chuxing is powerful enough to have driven Uber out of China altogether. So what happens when Didi sets its sights outside of Chinese borders? Flush with $5.5 billion in new funding, Didi is likely...more
In an effort to combat an increasing number of fraudulent transfers carried out using its network, SWIFT, the international bank transfer network, announced this month that it is adding new tools and controls designed to...more
Cybersecurity hit the news hard in 2016. The number of high profile, and troubling, cyber incidents increased significantly. The Democratic National Committee and one of Clinton’s top advisor’s being hacked, with leaked...more