The UK government and other governments around the world have imposed additional and far-reaching sanctions against Russia in an effort to persuade the country to withdraw its aggressions towards Ukraine.
Financial and trade sanctions have been around for some time and is not a new burden for companies in the UK. However, the new situation in Ukraine means that more European companies are potentially exposed to sanctions due to their proximity and commercial connections to Ukraine and Russia.
Previously permissible activities and business relationships may now have changed. As a result of Russia's invasion of Ukraine, laws have been revised at a rapid pace, resulting in an unprecedented number of people and entities added to the sanctions lists, and the Economic Crime Bill March 15, 2022, being fast-tracked.