Breakfast Webinar: the Effects of the Sanctions against Russia

On Thursday 24 March the BSCC, together with Elsa Arbrandt (Cederquist), welcomed the chamber members to a breakfast webinar on the impacts of the sanctions against Russia. Elsa began by giving a brief summary of the current sanctions against Russia and the countermeasures put in place by Russia.

The EU, US and UK sanctions primarily concern asset freezes, financial transactions and service restrictions as well as trade restrictions concerning oil, steel, luxury goods, etc. Russia has responded by imposing counter foreign currency, asset management measures, trade restrictions and airspace bans. Besides an overview, Elsa discussed a potential fifth sanction package from the EU and countermeasures from the Russian side.

Elsa proceeded by responding to frequently asked questions:

• What effects do the sanctions have on our financial arrangements?
• How shall we screen for sanctioned parties?
• Can we pay VAT to the Russian state without breaching any sanctions?
• What is covered by the import ban on steel?

In closing Elsa considered what might be the next steps and the wider implications for business.