Brandon Van Grack spoke to Global Investigations Review about President Biden imposing heightened sanctions on Russia on February 24 following an initial wave of restrictions earlier this week in an attempt to kneecap the country's economic power. Companies and financial institutions around the world, meanwhile, are turning to U.S. lawyers with questions and concerns about what the sanctions will mean for their businesses.
"These sanctions will be very disruptive to many global firms and banks, and will require most such entities to adopt additional layers of compliance to their ongoing operations in Russia," Brandon said.
He added that these sanctions "have crossed certain lines for the first time" – including a prohibition on U.S. financial institutions in trading Russian sovereign debt that's already been sold by the government – compliance teams at global firms and banks need to be prepared for the U.S. to adopt additional measures "that will make their operation and activities in Russia more difficult."
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