Ukraine Conflict: How to Maintain Global Business Continuity

Governments around the world are issuing and considering further sanctions following Russia’s actions in Ukraine. It is a complicated maze of pure sanctions, applied sanctions, and countersanctions, which can apply to a wide range of companies, including the way financial institutions operate, as well as imports and exports. Many companies are expecting disruptions to commodities trading, the flow of transportation industry raw materials, asset freezes, and technology export control.

Additional Resources

• 06/16/2022 - Lawyers Bewildered by Disparities in Russia Sanctions Regimes, Global Investigations Review

  Partner Melanie Ryan spoke at the GIR Live: Women in Investigations 2022 conference about the disparities in Russian sanctions regimes.

• 05/31/2022 - Update: New Russian Decree Restricts Ability of Foreign Rightsholders to Collect License Payments

  Russian President Vladimir Putin signed Decree No. 322 “On Temporary Regime For Performance of Obligations Towards Certain Rightsholders” on May 27, prohibiting Russian residents from making license payments to foreign bank accounts of rightsholders residing in “unfriendly states” or otherwise supporting sanctions against Russia.

• 05/05/2022 - ACI’s U.S. Economic Sanctions Enforcement and Compliance

  Morgan Lewis partner Giovanna Cinelli will speak at the American Conference Institute’s 16th Annual Flagship Conference on US Economic Sanctions Enforcement and Compliance. The two-day conference will discuss sanction developments including new Office of Foreign Assets Control guidance on ransomware and digital currency, intellectual property blocking and geofencing, and complex sanction evasion techniques with country-specific guidance on Russia, Iran, Belarus, and Afghanistan.

• 04/26/2022 - Update: UK Finalizes Export Ban on Luxury Goods to Russia

  The United Kingdom has finalized its ban on the delivery, sale, transit, and export of luxury goods to Russia, focusing on items that will impact Russian oligarchs and other members of the Russian elite.

• 04/11/2022 - Update: Extensive Sanctions on Russia Focus on Luxury Goods

  The European Union, United Kingdom, and United States have introduced a number of extensive sanctions against Russia in relation to the delivery, sale, transit, and export of luxury goods, with the intention of focusing on items that will impact Russian oligarchs and other members of the Russian elite.

• 04/11/2022 - Update: Russian Draft Law to Criminally Prosecute Directors and Officers for Sanction Compliance

  A draft law submitted for consideration to the State Duma—the lower chamber of the Russian parliament—would amend the Russian Criminal Code to make compliance with sanctions a criminal offense for directors and officers, punishable by severe penalties, including long-term imprisonment. If adopted, the law would significantly impact many individuals and businesses in Russia, and companies would need to adjust their strategies toward Russia accordingly.

• 03/30/2022 - Key Steps for Complying with Rapidly Escalating Sanctions, Export Compliance Manager

  Partner Giovanna Cinelli was quoted in an Export Compliance Manager article highlighting key steps for companies complying with rapidly escalating sanctions.

• 03/24/2022 - Applying US Contract Law Amid Ukraine Sanctions, Law360

  In a Law360 Expert Analysis, partner Peter Neger and associate Bryan Woll discuss how the operations in Ukraine—or Ukraine-related sanctions—might impact companies and their counterparties’ obligations under agreements that require performance by or with sanctioned entities.

• 03/16/2022 - Ukraine-Related Sanctions: Contract Disputes Under Business Agreements Governed by US Law

  The conflict in Ukraine has resulted in the disruption of innumerable commercial agreements between and among financial, manufacturing, and other entities. The sanctions imposed by nations and international bodies on various Russian and Belarusian persons and entities as a result of the conflict (Ukraine-Related Sanctions) are in many ways exceptional in their coordination, breadth, and speed. Russia has imposed initial countermeasures in response to the Ukraine-Related Sanctions, which could also affect the performance of commercial agreements by parties across the globe. Many US businesses are considering whether (and if so, how) the operations in Ukraine or the Ukraine-Related Sanctions might impact their and their counterparties’ obligations under agreements that require performance by or with sanctioned entities.

• 03/15/2022 - US Announces New Restrictions on Export of Luxury Goods to Russia

  President Joseph Biden issued Executive Order 14068 on March 11 expanding prohibitions on trade with Russia and announcing new restrictions on Russian imports, exports, and investments—including luxury goods. This executive order, implemented through regulations issued by the Department of Commerce’s Bureau of Industry and Security, directly impacts many retailers, as it effectively restricts US retailers and businesses from suppling any luxury items, as defined by the regulations and the customs tariff codes to Russia. This edition of Morgan Lewis Retail Did You Know? analyzes the executive order—the latest in a series of regulatory actions targeting Russia as a result of the crisis in Ukraine—the Department of Commerce’s implementing regulations under the executive order, and the practical impact both have for retailers.

• 03/08/2022 - Reviewing Risk Factor Disclosures Amid Russian Sanctions, Law360

  In Law360, partners Erin Martin, Carl Valenstein, and Celia Soehner wrote that public companies should consider impacts of Ukraine conflict-related sanctions on Russia and the related supply chain issues when assessing risk factor disclosure. 

• 03/03/2022 - Update: US Sanctions on Russia Have Extraterritorial Implications

  In connection with recent Russia-related sanctions issued by the US government, organizations face a variety of issues when navigating the questions of who and what transactions may be subject to the reach of these sanctions. Economic sanctions administrated by the US Department of Treasury’s Office of Foreign Asset Control (OFAC) are often intended to have extraterritorial effect, and therefore can impose significant compliance costs and penalties on US subsidiaries as well as their non-US affiliates or parent entities.

• 03/02/2022 - Update: Russia Adopts Countermeasures to Support Its Financial Markets

  Russian authorities are taking measures on several fronts to support financial markets and keep liquid assets in Russia, including a new set of countermeasures introduced by President Vladimir Putin. Russia’s Central Bank is also playing an important role in mitigating the effect of recent economic sanctions against Russia.

• 03/01/2022 - Update: European Union Agrees on Further Sanctions on Russia

  The European Union’s 25 February wave of sanctions build on, and significantly expand, its existing sanctions on Russia, imposing wide-ranging restrictions on the Russian economy—including in respect of Russia’s access to financial and capital markets—and the oil refining, aviation, and space sectors. More sanctions from the European Union are expected in the coming days, along with announcements on the disconnection of certain Russian banks from the SWIFT system.

• 02/28/2022 - Update: United States Expands Sanctions, Export Controls in Response to Russian Operations in Ukraine

  Based on the evolving military operations of the Russian Federation in Ukraine, the United States has imposed additional sanctions on the Russian Federation, Russian leadership, and various financial institutions and companies. These sanctions, imposed in close coordination with American allies and partners, target Russian banks as well as Russian state-owned and private entities thought to be involved in funding Russia’s actions.

• 02/28/2022 - Update: Russia Adopts Special Decree on Countermeasures

  President Vladimir Putin issued a decree, “On Special Economic Measures in connection with the Unfriendly Actions of the United States of America and Other Foreign Countries” (Decree), on 28 February. This is the first decree addressing Russian economic measures to respond to the recent sanctions adopted by several countries in connection with the current geopolitical situation.

• 02/24/2022 - Update: US Department of Commerce Imposes Restrictions on Russia

  The United States, in concert with Western allies, has imposed sweeping sanctions on Russia in response to President Vladimir Putin’s action in Ukraine. In addition to a full suite of sanctions administered by the US Department of Treasury/Office of Foreign Assets Controls (OFAC), the US Department of Commerce has issued amendments to the Export Administration Regulations (EAR) that impose new restrictions on exports, re-exports, and retransfers of items subject to the EAR to Russia (and releases in Russia), established policies of denial for license applications, and transferred military end users to the Entity List.

• 02/24/2022 - Update: New EU Sanctions Take Aim at Russia

  In response to the conflict in Ukraine, on 23 February, the European Union introduced a sanctions package of five new regulations against Russia, including freezing assets and curbing trade with two non-government-controlled areas of Ukraine.

• 02/23/2022 - Ukraine: New US Sanctions (Also Relevant for European Companies), Beck-Blog

  In Beck-Blog, special legal consultant Dr. Axel Spies provides an overview of the Russian sanctions authorized by US President Joseph Biden, noting more sanctions are being considered amid the Russian Federation’s recognition of Ukraine regions as independent states.

• 02/23/2022 - Sanctions Threaten U.K.’s Position as Playground for Russian Oligarchs, The Wall Street Journal

  Partner Bruce Johnston spoke to The Wall Street Journal about the effects of the UK’s sanctions.

• 02/23/2022 - United States Issues New Economic Sanctions Against Russia

  In response to the Russian Federation’s recognition of certain regions of Ukraine as independent states which followed an expansion of nearly 200,000 troops on the Ukrainian border, US President Joseph Biden authorized the imposition of additional sanctions against Russia and indicated that further sanctions were under consideration. This LawFlash summarizes these newly issued sanctions.

• 02/11/2022 - How Russian Sanctions Could Impact Aviation Sector, Cirium

  Partner Bruce Johnston spoke to Cirium about the how Russian sanctions could impact the aviation sector.

• 02/11/2022 - UK Bolsters Sanctions Powers Against Russia

  The United Kingdom on 10 February 2022 amended its Russian sanctions law to more easily add persons to its targeted sanctions regime, which enhances the UK’s ability to quickly impose sanctions against most parts of the Russian economy (and their operations worldwide).

• 07/08/2021 - US and EU Russia Sanctions Update—US/EU (& UK) Overview (and Russian Countersanctions)

  The still evolving US sanctions (as well as the EU and now also separate UK sanctions) continue to challenge Russia-related business. The sanctions frameworks are complex, changing, and, at times, inconsistent as well as overlapping. Navigating this complex global framework is made even more difficult by the ongoing unpredictable and reactionary geopolitical environment as the Biden Administration gets underway.

• 01/28/2021 - Update: EU, UK, and US Sanctions Against Turkey

  Recent sanctions imposed by the European Union, United Kingdom, and the United States on Turkey and certain Turkish persons will be of interest to European and American investors in Turkey’s defense and energy sectors. The following update contains a summary of each regime.

As was evident during the COVID-19 global crisis, the way force majeure clauses are written into contracts could take center stage when the regular speed of business is disrupted. If commercial parties are unable to fulfill their duties under contracts because of the sanctions, companies will be looking for support on how to unwind contracts and handle resulting disputes when contracts are broken. And given the intricate intertwining of our global economy, contract terminations at a high level could result in the termination of other contracts down the chain.

Additional Resources

• 04/07/2022 - Russian Decree Undermines Value of Certain Patents; USPTO Cuts All Ties with Russian Patent Office

  The Russian government has issued a decree to deny compensation to patentees from “unfriendly states” when their patents are used for Russia’s national security purposes. Additionally, the US Patent and Trademark Office has fully ended its engagement with Russia’s patent office, Rospatent.

• 01/14/2022 - UK CMA Publishes Updated Merger Guidance Following Commencement of NSI Act

  The UK Competition and Markets Authority updated its guidance on the merger control regime in the United Kingdom on 4 January 2022—the same day the National Security and Investment Act 2021 came into effect. The updated merger guidance clarifies that the new national security regime is separate to UK merger control and that transactions may be subject to both regimes.

• 08/10/2021 - Phishing for Force Majeure – What’s the Catch?, Tech & Sourcing @ Morgan Lewis

  With the recent onslaught of ransomware attacks, it’s time to revisit force majeure clauses (again). Earlier in the pandemic, we reviewed how COVID-19 could impact force majeure provisions. Since then, there has been a flurry of analyzing, renegotiating, and testing contractual language, as parties work through, or anticipate, pandemic-related difficulties. While contracting parties focus on striking a balance of when, and to what extent, a party’s performance will be excused due to pandemic-related circumstances, a different threat could follow a similar trajectory.

• July 2020 - Cross-Border Transactions Caught at the Crossroads: Navigating the Global COVID-19 Crisis Through Force Majeure Provisions

  The coronavirus (COVID-19) pandemic has had sweeping effects around the world, and in this era of globalization, business transactions that span multiple jurisdictions and markets have fallen prey to new and unexpected risks presented by the pandemic.

Financial services companies are planning ahead to ensure business continuity as evolving sanctions could affect the way they are able to move money. Questions range from how to pay employees, repay existing debts, access capital, deploy new private equity or venture capital investments, and maintain certain parts of a deal or workstream while unravelling others. Companies are looking for guidance on how to navigate the complex web of international sanctions. Examples of some of the challenges financial services companies are facing include what to do in the following scenarios:

• You are a syndicated transaction agent and you have a Russian bank facility 
• You are a US bank in London and someone in your syndicate is a target of sanctions
• You have a German party and there is a blocking statute 
• Your company is in line with US law and you need to move without tripping wires of counter blocking statues elsewhere

Additional Resources

• 07/01/2022 - Update: Russia Adopts Draft Law Allowing DR Conversion Without Reference to Foreign Infrastructure

  The State Duma, Russia’s parliament lower chamber, adopted draft law No. 116264-8 on June 29, 2022, containing rules allowing the conversion of depository receipts into the underlying Russian shares without a need to go through non-Russian depositary banks, custodians, brokers, and other similar institutions.

• 06/30/2022 - Update: New Mechanism Established for Repayment of Russian Sovereign Debt

  Russian President Vladimir Putin signed Decree No. 394 on June 22, establishing the new mechanism for settlements under the sovereign bonds of the Russian Federation denominated in foreign currency (Eurobonds).

• 06/02/2022 - Update: Russian Borrowers Must Repay Russian Syndicate Members Directly; Widespread Defaults Anticipated

  A new statement from the Russian Ministry of Finance requires Russian borrowers to repay debt owed to Russian lenders participating in international syndicates directly (bypassing mechanisms established by the relevant loan agreements). This requirement may potentially result in large-scale defaults of Russian borrowers.

• 05/10/2022 - It Takes a Lot of Effort to Get Rid of Russian Depositary Receipts, Frankfurter Allgemeine

  Partner Grigory Marinichev spoke to Frankfurter Allgemeine about the recent Russian law on mandatory delisting of Russian companies from foreign exchanges. 

• 05/09/2022 - Update: Russia Extends Restrictions on Dividend Distributions on Limited Liability Companies

  Following previously adopted restrictions on payments of dividends in joint stock companies, Decree No. 254 requires that any dividend payment from a limited liability company to its foreign participant connected with an “unfriendly state” must be made in Russian rubles and to a special blocked type “C” account, subject to certain exceptions.

• 05/03/2022 - Pivot Investment Strategies of Funds to Avoid Russia or Otherwise Take Advantage of New Opportunities, Private Equity Law Report

  A recent Private Equity Law Report article referenced a webinar it hosted in April 2021, looking at lessons learned from the pandemic and how sponsors and investors can apply those to successfully prepare for the next market disruption.

• 04/29/2022 - Update: Russia Limits Transactions with Shares Received Upon Cancellation of DR Programs

  The delisting of Russian issuers’ depositary receipts could potentially lead to a disproportional increase in sales of underlying shares in the Russian stock market and contribute to its volatility. In response to this challenge, Russia’s Central Bank introduced a limit on transactions with shares received upon cancellation of depositary receipts.

• 04/20/2022 - Update: Delisting of Russian Issuers’ Depositary Receipts – The End of an Era?

  A new federal law in Russia prohibits Russian issuers from having their shares traded outside Russia via depositary receipts and requires issuers with existing programs to take delisting measures unless they receive a governmental approval to keep the program.

• 04/20/2022 - Update: Draft Law on External Management over Certain Foreign-Owned Companies Submitted to Russian Parliament

  The draft law on external management was submitted to the Russian Parliament and differs considerably from the previous version. The new draft provides for the establishment of a special interdepartmental commission that will have broad powers to impose external management on any company as it deems necessary. The law is still proposed to apply to circumstances that occurred from February 24. If adopted, the law will create further uncertainty in Russian markets.

• 04/20/2022 - Update: Central Bank of Russia Imposes Further Currency Control Restrictions

  The Central Bank of the Russian Federation has recently been active in adopting secondary legislation clarifying and implementing presidential decrees on cross-border transactions. Such legislation imposes new restrictions which need to be considered in commercial dealings involving Russia.

• 04/13/2022 - Update: Russia Proposes Draft Legislation Allowing Nationalizing Assets from Persons Connected With ‘Unfriendly States’

  Russia proposed a draft federal law on April 8 amending article 235 of the Russian Civil Code, which would allow the compulsory seizure of assets in cases stipulated by federal laws, and containing rules about such compulsory seizure from persons from, or connected with, the so-called “unfriendly states.” If adopted, this law would create a framework permitting nationalizing assets of these persons without compensation.

• 04/11/2022 - Europe to Pay for Russian Gas in Rubles—Has Anything Really Changed?

  Following Russian President Vladimir Putin's pronouncement that buyers from “unfriendly states” pay for Russian gas in rubles, it has been largely unclear, until recently, what this demand would imply in practice.

• 04/11/2022 - Update: Russia Reintroduces Insolvency Moratorium

  An insolvency moratorium first introduced during the COVID-19 pandemic applies to nearly all Russian legal entities, individuals, and sole entrepreneurs, and bans the commencement of insolvency proceedings against Russian obligors.

• 03/22/2022 - Update: Russia Further Tightens Currency Control Regulations and Directs Banks to Scrutinize Payments Made Abroad

  As another measure to support Russia’s financial market, Presidential Decree No. 126 imposes further limitations on cross-border monetary transfers for both Russian and non-Russian residents. However, Decree No. 126 also gives Russian regulators broad discretion to make exceptions from the previously adopted general bans and specific restrictions.

• 03/20/2022 - Update: Russia Considers and Enacts Measures Against Foreign Investors

  In response to sanctions adopted by the United States, the European Union, and other countries in relation to Russia’s operations in Ukraine, the Russian government is taking steps to adopt measures affecting foreign investors’ rights, from nationalization of assets to non-protection of intellectual property rights.

• 03/16/2022 - Russia May Default if Dollar Bond Interest Payment Made in Rubles, Bloomberg

  Partner Grigory Marinichev spoke to Bloomberg about Type C accounts in relation to Russia’s debt settlement.

• 03/13/2022 - Russia Considers Imposing Special External Management over Certain Foreign-Owned Companies

  Russia is considering introducing legislation that, if adopted, will have a dramatic impact on foreign-owned businesses and their strategies concerning Russia. The goal of the proposed law is to (1) warn foreign owners that they may lose their Russian companies if they abandon them and (2) conserve business and preserve jobs by allowing the sale of affected companies’ assets to a Russian third-party.

• 03/07/2022 - Update: Russia Adopts Decree on Repayment in Russian Rubles of Debt to Foreign Creditors

  President Vladimir Putin issued a decree introducing a special procedure for repayment of debt by the Russian state bodies as well as Russian residents (Russian Debtors) to non-Russian creditors related to foreign states that commit “unfriendly actions towards Russia” or that are controlled by such non-Russian creditors (deemed “Creditors from Unfriendly States”). The new procedure will apply to payments exceeding 10 million rubles ($95,000) per month and effectively prevent the free receipt of repayment amounts by Creditors from Unfriendly States.

• 03/04/2022 - US Universities Sever Russian Ties, Shed Investments Following Ukrainian Invasion, Boston Business Journal

  In the Boston Business Journal, partner Carl Valenstein provided his insights on how US universities may consider divesting Russian assets and severing partnerships with entities on the Specially Designated Nationals And Blocked Persons List amid the conflict in Ukraine.

• 03/02/2022 - Update: Russia Adopts Countermeasures to Support Its Financial Markets

  Russian authorities are taking measures on several fronts to support financial markets and keep liquid assets in Russia, including a new set of countermeasures introduced by President Vladimir Putin. Russia’s Central Bank is also playing an important role in mitigating the effect of recent economic sanctions against Russia.

• 03/01/2022 - Update: European Union Agrees on Further Sanctions on Russia

  The European Union’s 25 February wave of sanctions build on, and significantly expand, its existing sanctions on Russia, imposing wide-ranging restrictions on the Russian economy—including in respect of Russia’s access to financial and capital markets—and the oil refining, aviation, and space sectors. More sanctions from the European Union are expected in the coming days, along with announcements on the disconnection of certain Russian banks from the SWIFT system.

• 02/28/2022 - Update: Russia Adopts Special Decree on Countermeasures

  President Vladimir Putin issued a decree, “On Special Economic Measures in connection with the Unfriendly Actions of the United States of America and Other Foreign Countries” (Decree), on 28 February. This is the first decree addressing Russian economic measures to respond to the recent sanctions adopted by several countries in connection with the current geopolitical situation.

• 02/24/2022 - Ukraine Conflict: Investment Protection and Armed Conflict

  While international humanitarian law (ius in bello) also protects personal property, it is only enforceable on a State-to-State level. International investment law, however, provides for direct recourse by the investor against the host State and can therefore be a powerful and effective means of protecting investments during and after armed conflicts.

• 02/22/2022 - Public Companies: Consider Russia and Ukraine in Upcoming Risk Factor Disclosure

  Public companies should consider the impact of new sanctions on Russia in assessing risk factor disclosure for upcoming annual reports on Form 10-K and quarterly reports on Form 10-Q.

As much of the European Union relies on energy resources from Russia, proposed diplomatic measures surrounding the conflict in Ukraine could change the flow of natural resources across much of the continent. More than one third of the natural gas used in the European Union originates from Russia, representing billions in oil and gas contracts. Proposed sanctions could have an effect on global gas prices as the flow of oil and gas is disrupted.

Additional Resources

• 07/14/2022 - FERC Policies Leave Uncertainty on Viability of Natural Gas Infrastructure Development, Reuters

  Partner Kirstin Gibbs and associate Pamela Wu drafted an article for Reuters on how new natural gas permitting proposals from the US Federal Energy Regulatory Commission (FERC) could affect the development of new pipelines. This proposal is gaining a lot of attention in the energy industry, as President Joseph Biden has pledged more natural gas to supplement the previous supply from Russia.

• 05/23/2022 - Update on US Nuclear Industry Export Restrictions to Russia, Up & Atom

  It’s getting harder to send anything from the US to Russia, including radioactive materials and nuclear-related equipment. Below are some recent examples of actions that the US government has taken to clamp down on nuclear trade with Russia. In this ever-changing geopolitical landscape, exporters must maintain export compliance vigilance for the items and technology they export.

• 03/22/2022 - Senators Introduce Legislation to Ban Imports of Russian Uranium; Russia Reportedly Considers Mirror Ban, Up & Atom

  A group of four US senators introduced a bill on March 16 to ban imports of uranium products from the Russian Federation. If enacted, such a ban could complicate the refueling of existing commercial reactors in the United States that rely on Russian uranium products. A ban also could extend the schedule in the United States for deploying some advanced reactors, because Russia is a key source of the high-assay, low enriched uranium (HALEU) they plan to use. In a related development, Russia is considering a ban on uranium exports to the United States in retaliation for the most recent energy sanctions on Russia.

• 03/22/2022 - Senators Introduce Legislation to Ban Imports of Russian Uranium; Russia Reportedly Considers Mirror Ban, Up & Atom

  A group of four US senators introduced a bill on March 16 to ban imports of uranium products from the Russian Federation. If enacted, such a ban could complicate the refueling of existing commercial reactors in the United States that rely on Russian uranium products. A ban also could extend the schedule in the United States for deploying some advanced reactors, because Russia is a key source of the high-assay, low enriched uranium (HALEU) they plan to use. In a related development, Russia is considering a ban on uranium exports to the United States in retaliation for the most recent energy sanctions on Russia.

• 2020–2021 - Morgan Lewis SPARK

  Spark, our quarterly update highlights new and amended Russian legislation of importance to companies operating in the Russian energy and mining sectors.

Many companies are looking to increase their cyberdefenses amid heightened geopolitical tensions as threats of ransomware and data breaches have become increasingly credible. With so much of the world’s daily business operations and commerce relying on a strong digital presence, data privacy and cybersecurity are critical concerns for companies across virtually every aspect of their operations. The risk of data breaches and their adverse impact on businesses—including unwelcome publicity and brand damage—pose some of the greatest risks to modern companies.

Additional Resources

• 05/23/2022 - Russian Law Restricts Compliance with US National Defense Authorization Act

  Russia President Vladimir Putin signed the federal law, “On Amendments to the Federal Law ‘On Measures of Influence (Counteraction) on Unfriendly Actions of the United States of America and Other Foreign States,’” on May 1, substantially restricting the ability of Russian banks to disclose information to foreign regulators, in particular, under the US National Defense Authorization Act.

• 03/07/2022 - Update: Ukraine Conflict Has Implications for Cyberinsurance Policies, Including War Exclusions

  The conflict in Ukraine has raised significant cybersecurity concerns for businesses in the United States and across the world, resulting in an increased focus on using cyberinsurance to mitigate any resulting losses. The conflict has also caused insurers to turn their attention to a rarely invoked exclusion in insurance policies: the war exclusion. Certain insurers have recently taken steps toward altering the language of such exclusions. As a result, evaluating the applicability of insurance coverage, including the specific language of any war exclusions contained the policy, is an important first step for businesses as they seek to protect themselves from cyberthreats.

• 02/03/2022 - Key Laws Affecting Ecommerce, Technology, Media, and Privacy Sectors in Russia: 2021 Year in Review, Tech & Sourcing @ Morgan Lewis

  As technology and the use of the internet continue to evolve, lawmakers remain focused on setting a legal framework for businesses operating “online” in Russia. In 2021, the Russian regulatory landscape underwent significant changes, which will no doubt have an impact on how tech and media companies conduct their business in Russia.

• 12/16/2021 - Sounds Phishy – The Rise of Vishing Scams, Tech & Sourcing @ Morgan Lewis

  Broad awareness has been made about cyberattacks in the form of phishing that typically use email messages to lure victims into divulging sensitive information or opening a link that allows malware to infiltrate their device. Companies have learned how to combat phishing by training employees to recognize such scam attempts and report them as phishing to protect their organizations. “Vishing” is another tactic used by scammers that, while less familiar, is no less invasive and dangerous.

• 11/19/2021 - Expanded Safeguards Rule Applicable to More Financial Institutions; Gives More Specificity on Security Requirements

  The Federal Trade Commission recently finalized a long-discussed update to its cybersecurity Safeguards Rule that includes more specific criteria for what financial institutions must implement as part of their information security programs. Among other key changes, many companies are likely to be impacted by an expansion of the rule’s scope to include “finders,” which may allow such businesses (including fintech firms) to avoid the current regulatory burden and confusion of state law requirements.

For businesses with personnel located in affected areas, being able to move them out of harm’s way quickly is a top priority. We work with a trusted network of labor, employment, and immigration counsel around the world who can help navigate complicated international visa requirements to ensure employment mobility even during a crisis. When necessary, we draw on our well-established local counsel relationships throughout Asia, Europe, Latin America, and the Middle East on behalf of our clients. This international counsel network allows us to coordinate and manage cross-border conflicts while providing practical and commercial advice.

Additional Resources

• 03/21/2022 - UK Announces Immigration Rule Changes Applicable to Ukrainian Nationals

  The UK government has announced a number of changes to the UK immigration rules applicable to Ukrainian nationals in response to the ongoing humanitarian crisis. Ukrainian nationals remain visa nationals, which means that they require a visa in order to travel to the United Kingdom, regardless of their intended length of stay. This LawFlash summarizes the available UK immigration routes to these individuals.