On 20 June 2019, the Russian National Committee of the International Chamber of Commerce – The World Business Organization (ICC Russia) held seminar “Compliance risk management in international trade and trade financing” to address the pressing problems of carrying out business operations in several jurisdictions in the climate of growing pressure from national and international regulators, and international sanctions confrontation.
A founding partner and head of RGP’s Dispute Resolution practice Ilya Rybalkin and the practice counsel Anastasia Konstantinova, who is a member of the Association of Certified Sanctions Specialists (ACSS), presented a thorough overview of EU and US sanctions in effect at the time of the event. Ilya and Anastasia described in detail various types of EU and US sanctions and the practical aspects of their enforcement.
Apart from RGP, representatives of international law firms Hogan Lovells, Dechert LLP and Baker McKenzie also spoke at the seminar. Other hot topics discussed by the seminar speakers were the main principles of financial crime risk controls in the sphere of trade finance, data protection, and information disclosure requirements for anti-money laundering purposes, as well as the EU blocking statute (regulation) against the US extra-territorial sanctions and the possibility of its application by European banks and companies.
Roman Reznik, senior lawyer at the Legal Department of Uralsib Bank PJSC, spoke about the possibility of use of currency clauses in loan agreements and other trade finance instruments.
The seminar was attended by approximately 50 participants from businesses and law firms.