Uncertainty Over Control Test In Sanctions Relating To Russia

Bermuda-based companies undertaking business with Russian entities must comply with the island's sanctions regime, which has expanded significantly since the beginning of the war in Ukraine.

Those companies include organisations acting in the areas of trusts, reinsurance, aviation, natural resources and more.

Legal developments in this area can, therefore, have a profound impact, and Appleby itself is instructed in a number of novel sanctions cases, acting for a range of parties.

One such important development, which has increased uncertainty regarding the scope of sanctions, has arisen from the British Court of Appeal's recent ruling in Mints v PJSC National Bank Trust and PJSC Bank Okritie Financial Corporation, which was handed down on October 6.