Authorities in several countries, including in the EU and the US, are imposing extensive sanctions on Russia in the wake of Russia’s invasion of Ukraine and the recognition of Donetsk and Luhansk as independent republics. Belarus is also being sanctioned for its role in the conflict. Rapid additions to the sanctions are to be expected. The new sanctions come on top of those already imposed from the EU / Norway and the US after Russia’s annexation of Crimea in 2014.
With the new sanctions, it will be challenging for Norwegian companies to continue their business activities related to Russia, disputed areas in Ukraine (Crimea, Donetsk and Luhansk) and Belarus. Considering Russia’s aggression against Ukraine, several Norwegian companies – regardless of the sanctions – may want to wind up existing business relations with Russian parties.
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Foley & Lardner LLP, Selmer