Wolters Kluwer Legal Experts Offer Analysis on a Range of Business, Financial, and Global Impacts as Russia's Invasion of Ukraine Continues
Friday, March 25, 2022
Analysts offer insights on sanctions, SEC disclosure requirements, cyber threats, and more
NEW YORK, March 25, 2022 /PRNewswire/ --
What: Business Impacts Stemming from Russia's Invasion of Ukraine
Why: On February 24, Russia launched a full-scale invasion of Ukraine, shocking the world and causing several western nations to take a number of actions in response. The crisis has spurred Russian sanctions, the tightening of cybersecurity, and changes in the global IP scene.
To help businesses and legal professionals navigate this volatile and quickly evolving crisis, Wolters Kluwer legal experts have developed special reports covering the following areas:
-- Cybersecurity: As cyber threats increase with the ongoing invasion,
cybersecurity experts continue to raise the alarm concerning potential
cyberattacks against Ukrainian targets as well as attacks against the
U.S. and other NATO countries. Recent federal cybersecurity action
includes provisions in the Consolidated Appropriations Act that kicked
off rulemaking to require reporting of ransomware payments and create a
Cyber Incident Review Office within CISA. The SEC also proposed rules to
enhance and standardize disclosure regarding cybersecurity risk
management, strategy, governance, and incident reporting. LINK
-- Intellectual Property: As part of the world's general reaction to the
crisis in Ukraine, several major IP offices have halted cooperative
efforts with their Russian counterparts. On the contrary, IP offices
throughout Europe have pledged assistance and support to Ukrainian
rights holders whose pending actions are disrupted by the conflict. On
March 4, the USPTO announced that it had terminated engagement with
officials from Russia's IP Agency (Rospatent) and with the Eurasian
Patent Organization (EAPO). The USPTO also announced it terminated
engagement with the national IP office of Belarus, an action that will
affect Russian rights holders seeking to extend protection to the U.S.,
as well as U.S. businesses that continue to operate in Russia. LINK
-- The SEC: An initial consideration for many U.S. companies and private
issuers subject to SEC disclosure regulations was whether to cease any
business in Russia, an action many companies have now taken. Companies
in the U.S. with material business in Russia or Ukraine continue to
monitor the crisis and prepare to potentially update existing SEC
disclosures to reflect the risk of doing business in these countries.
With reports that some diplomatic talks have occurred between Russia and
Ukraine, businesses might begin to reconsider their decisions to cease
business operations in Russia, but need to remain mindful that sanctions
may not be lifted for some period of time after the conflict ends. LINK
-- Sanctions and Compliance: Sanctions are being imposed at a rapid pace,
and financial institutions and the attorneys counseling them are
scrambling to navigate the regulations intended to ensure compliance
with the sanctions and trade embargoes against Russia, hoping to prevent
potential Russian sanction evasion attempts. Sanctions compliance and
the prevention of actions taken as a back-door means to evade sanctions
requires diligence, strict monitoring of OFAC's SDN List, and the
implantation of OFAC and FinCEN guidance, starting with an effective SCP
that is wholly supported by management. LINK
-- Economic Sanctions: Since the start of the invasion, President Biden has
taken many executive actions that have led to a slew of economic
sanctions against a wide swath of the Russian economy, its leadership,
and oligarchy. The first action taken by OFAC was sanctioning two major
Russian state-owned financial institutions, imposing additional
restrictions on Russian sovereign debt, and sanctioning five
Kremlin-connected elites. OFAC has also sanctioned additional regime
elites and business executives who are associates and facilitators of
the Russian regime. LINK
"Unprecedented information warfare prior to the invasion put U.S. companies and their attorneys on notice that war was not only possible, but likely," said Matthew Garza, Senior Legal Analyst at Wolters Kluwer Legal & Regulatory U.S. "This series of special reports will help them track the U.S. response as they continue to move to protect clients with interests in the region."
Who:
-- Tony Foley, Privacy & Cybersecurity Legal Analyst at Wolters Kluwer
Legal & Regulatory U.S.
-- Thomas Long, Senior Intellectual Property Legal Analyst at Wolters
Kluwer Legal & Regulatory U.S.
-- Mark Nelson, Senior Securities Legal Analyst at Wolters Kluwer Legal &
Regulatory U.S.
-- Katalina Bianco, Senior Banking and Finance Legal Analyst at Wolters
Kluwer Legal & Regulatory U.S.
-- John Pachkowski, Senior Banking and Finance Legal Analyst at Wolters
Kluwer Legal & Regulatory U.S.
Contact: To arrange an interview with a Wolters Kluwer Legal & Regulatory U.S. legal expert on this or any other related topics, please contact Linda Gharib at lrusmedia@wolterskluwer.com.
About Wolters Kluwer Legal & Regulatory U.S.
Wolters Kluwer (WKL) is a global leader in professional information, software solutions, and services for the healthcare; tax and accounting; governance, risk and compliance; and legal and regulatory sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services.
Wolters Kluwer reported 2021 annual revenues of EUR4.8 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 19,800 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.
Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt (ADR) program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).
For more information, visit www.wolterskluwer.com, follow us on LinkedIn, Twitter, Facebook, and YouTube.
MEDIA CONTACT
Linda Gharib
Director, Brand & Communications
Wolters Kluwer Legal & Regulatory U.S.
Tel: +1 (646) 887-7962
Email: lrusmedia@wolterskluwer.com
SOURCE Wolters Kluwer Legal & Regulatory U.S.
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