The European Union, the USA and Canada have imposed sanctions on a number of Russian and Ukrainian individuals and legal entities. The nature and scope of the sanctions are explained in this briefing.

If a bank has entered into credit risk mitigation arrangements with Russian or Ukrainian counterparties, or relating to Russian or Ukrainian assets, it may be that their effectiveness or enforceability under the laws of any relevant jurisdiction within the European Union, the USA or Canada will be adversely affected by the sanctions. Banks will need to consider the impact of the sanctions on any transaction in the light of its particular characteristics.