Updated as of April 12, 2022

It has now been more than 40 days since the start of Putin’s brutal invasion of Ukraine. Today, following the recent revelations of the atrocities committed in Bucha, Ukraine by Russian armed forces, the United States – in coordination with the G7 and the EU – imposed new sanctions on Russia (see here). The sweeping new sanctions seek to further restrict Russia’s access to dollars and put economic pressure on Putin to end the war. The sanctions include a ban on all new investment in Russia as well as designations of Russia’s largest financial institutions (i.e., Sberbank and Alfa Bank), critical state-owned enterprises, and Russian government officials and their family members, including Putin’s children.…

Continue Reading U.S. and Allies Impose Additional Severe Costs on Russia for Atrocities in Ukraine

The recent comprehensive economic sanctions by the U.S. and other nations against Russia has propelled the crypto community onto the geo-political stage in a major way. As with other forms of payment and methods of money transmission, cryptocurrency and cryptocurrency exchanges are at risk for exploitation by criminal actors, including those attempting to evade economic sanctions. Several attributes of cryptocurrencies that are usually touted in favor of the technology—pseudonymity, decentralization, digitalization—are now giving government officials, regulators, and lawmakers cause for concern in the sanctions climate. In response, leaders in the crypto community are voicing support of sanctions compliance, and citing aspects of the technology—traceability, immutability, visibility—in reassurance of it. As discussed below, there are several steps that crypto platforms can take to further efforts in blocking and detecting sanctions evasion activity on their platforms.
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Continue Reading Crypto and Russia Sanctions: A Primer and Survival Guide For Crypto Companies

As current supply chain issues continue to threaten the U.S. photovoltaic solar industry, solar module suppliers, manufacturers, renewable energy developers and utilities alike face great uncertainty surrounding the immediate future of the solar module supply market. The bottom-line is that supply chain issues are increasing shipping and equipment costs for solar cells and panels, however, there are several independent factors that are working together to drive this surge in pricing and constrained market. These factors include the following:
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Continue Reading Making Sense of the Solar Supply Chain Issues

Updated as of March 9, 2022

Key Takeaways of OFAC (Treasury), BIS (Commerce), and State Actions

  • Major Russian Banks Blocked from the U.S. Financial System

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Continue Reading Russian Risk: Transactions with Russian Banks and Exports to Russia Create Greatest Exposure Under New U.S. Ukraine-Related Sanctions

Updated as of March 3, 2022

Key Takeaways of EU and UK Recent Actions Against Russia and Ukraine Breakaway Regions

  • The EU adopted sanctions restrictions targeting financial institutions, other entities, and individuals, and imposing territorial restrictions on Donetsk and Luhansk. The sanctions also include broad export restrictions to Russia detailed below.
  • In the UK, Prime Minister Boris Johnson has promised and adopted a “massive package of economic sanctions” including asset freeze restrictions; potential exclusion of Russian banks from the UK financial system, including preventing access by such banks to GBP and clearing services in the UK; and dual-use export restrictions to Russia.

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Continue Reading Russian Risk: Transactions with Russian Banks and Exports to Russia Create Greatest Exposure Under New EU and UK Ukraine-Related Sanctions

Updated as of February 25, 2022

Key Takeaways

  • On February 21, 2022, the White House issued a new Executive Order (EO) that imposes comprehensive sanctions

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Continue Reading U.S., UK and EU Sanctions Over the Donetsk People’s Republic (DNR) and Luhansk People’s Republic (LNR) Regions of Ukraine

  • BIS added 33 Chinese companies to the Unverified List.
  • The UVL places lesser restrictions designees than an Entity List or Sanctions designation
  • BIS may not have been able to verify the entities because of new Chinese laws restricting compliance with extraterritorial laws; creating a potential conflict of laws for these and other companies.

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Continue Reading Verify, Then Trust: Commerce Adds 33 Parties in China to Unverified List

Key Takeaways

  • The proposed regulation would arm the EU with a counterstrike capability if non-EU countries take economic action against a Member State.
  • Where a Member State is subject to economic interferences from non-EU states that affect its legitimate sovereign choices.
  • The European Commission to take some or all of the following measures against the interfering state:
    • Impose tariffs;
    • Implement quotas;
    • Restrict access to EU financial markets; or
    • Reduce intellectual property protections[1]

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Continue Reading Arming for a Trade War: The EU Proposes an Unprecedented Anti-Coercion Regulation