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Impact of Sanctions on Contracts

Alert May 23, 2022

Impact of Sanctions on Contracts

May 23, 2022, Covington Alert

In the wake of Russia’s invasion of Ukraine, the United States, the European Union, the United Kingdom and other countries around the world have imposed a series of wide ranging sanctions with respect to Russia and Belarus. They include property-blocking sanctions and asset freezes with regard to designated entities, restrictions on transactions or other dealings with certain entities, and other measures. The sanctions can apply with considerable extraterritorial effect and, consistent with their purpose, often seek to reach conduct that might be viewed as indirectly aiding sanctioned conduct or that has the purpose or effect of circumventing a prohibition.

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