Cyprus Bar advice on Russia sanctions

CBA.jpgThe Cyprus Bar Association has issued a circular, drawing its members’ attention to the recent US sanctions on Russia (previous blog). It advises its members:

1.      To assess the extent and risks of US secondary sanctions to their members and clients. US secondary sanctions are those imposed under the Countering America’s Adversaries Through Sanctions Act (CAATSA), which provides that US sanctions may be imposed on any person/entity that facilitates a “significant transaction” with any of the designated Russian people/entities.

2.      “In the case of a new client” who is subject to US Russia sanctions, members of the Cyprus Bar “are encouraged to avoid entering into any business relationship with them”.

The ‘Cyprus Securities and Exchange Commission’ and the ‘Institute of Certified Public Accountants of Cyprus’ have also issued circulars in like terms, see here and here respectively.

This entry was posted in Russia, USA by Maya Lester QC. Bookmark the permalink.

About Maya Lester QC

Maya Lester QC has a wide ranging practice in public law, European law, competition law, international law, human rights & civil liberties. She has a particular expertise in sanctions. As the most recent (2016) Chambers & Partners directory put it, she "owns the world of sanctions". She spent 2011-12 in New York at Columbia Law School lecturing and writing on sanctions. She represents and advises hundreds of companies and individuals before the European and English courts and has acted in most of the leading cases, including Kadi, Tay Za, Central Bank of Iran, NITC and IRISL.

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