May 2022 – Since the outbreak of the war in Ukraine, there has been a plethora of new legislation establishing mechanisms for an adequate political and legal response to Russian aggression against Ukraine.
Another such mechanism was introduced on 13 May 2022, when the Parliament of Ukraine adopted a new law amending the existing sanctions legislation. The law enacts a new type of sanction amounting to the foreclosure of assets in the state's favour. This new sanction is now applicable to both companies and individuals that cause significant damage to the national security of Ukraine. The law came into force on 24 May 2022.
Below we provide important highlights and the main points to consider regarding the new type of sanction introduced.
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For more information, please contact Olga Vorozhbyt, Partner, Head of Compliance, Risk & Sensitive Investigations (CRSI) and White-Collar crime services, at , or Oleksii Gerasymchuk, Managing Associate, at .