In this episode, Global Head of Regulatory & Tax Aki Corsoni-Husain and guest expert Rachel Barnes KC of Three Raymond Buildings go into more detail about the state of play as of June 2023 regarding sanctions on Russia after the invasion of Ukraine, with a specific focus on professional services in the trust sectors.

Key Takeaways:

• Outlining and reflecting on, the new UK sanctions on Russia impacting professional and financial services, trust industry restrictions and exemptions and the Overseas Territories’ inclusion to those sanctions.
• Providing an overview of new prohibitions in providing business services and their updates.
• Comparing sanctions imposed by EU, UK, and US on the professional services industry, legal advisory services and trust industry (as at June 2023).
• Examining the impact of sanctions on transactional lawyers, particularly in relation to the provision of legal advisory services on related matters (as at June 2023).
• Discussing the rule of law concerning sanctions and their application to asset movement of designated individuals.