In late 2021, the Law Commission published a report concluding that the law of England and Wales can facilitate and support smart legal contracts without the need for reform. This article provides businesses, using or deploying smart legal contracts, a couple of significant caveats to consider.
Learn about the series of sanctions taken by the United States, the United Kingdom, and the European Union against Russia and Belarus following Russia's invasion of Ukraine.
Read about the implications of the crisis in Ukraine for contracts governed by English law, especially for clauses pertaining to force majeure, price escalation, material change, and sanctions. Learn key steps that companies can take to limit exposure.
Recently, the US, the EU, and the UK announced that they will exclude some Russian banks from the SWIFT global payment system, a move that is expected to have a significant impact on these banks’ ability to remain connected with the international financial system and operate globally. The EU also announced plans to restrict the activities of certain Russian media outlets.
The US government, in coordination with the EU, the UK, and other allies, has introduced significant new sanctions and export controls in light of ongoing events across Russia and Ukraine, including new regional embargoes, full blocking sanctions, and other restrictions targeting several major Russian financial institutions, sovereign debt restrictions, the designation of Russian elites and their family members, and sanctions related to the Nord Stream 2 pipeline, among other targets.
Understand the force majeure implications of the Ukraine conflict (and related sanctions) for contracts.
Learn about the implications of the sanctions against Russia, regarding contract performance international arbitration.
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