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Credit Agreement Considerations for Borrowers after Russian Invasion of UkraineMarch 10th, 2022
Promptly after Russian forces invaded Ukraine in late February 2022, the United States, the European Union, the United Kingdom, Canada and an increasing number of other countries enacted a broad (and growing) set of sanctions on Russian and Belarusian banks, businesses, government sectors and individuals. Such sanctions have been described in a recent Paul Hastings client alert as the “most draconian and punitive set of sanctions ever imposed on a large economy.” In addition, many Western businesses have announced that they are willingly ceasing operations in Russia and/or Belarus until the war ends, even if such cessation is not required by applicable law at this time.
