The Russian invasion of Ukraine has unleashed an unprecedented tide of sanctions from the UK, the EU, the US, Canada, Australia, Singapore and New Zealand.
We assist clients in New Zealand and offshore navigating sanctions regimes in New Zealand and internationally. Our domestic clients increasingly face sanctions risks in many forms and are under pressure to keep pace in a fast-changing environment. Given the extraterritorial application of the New Zealand Russia sanctions regime, we also assist overseas clients to appreciate the risks under the relatively new and complex Russia Sanctions Act 2022.
Regarded as New Zealand’s leading international law team, with long-standing experience engaging with the Ministry of Foreign Affairs and Trade, we support clients to:
- Understand the application of sanctions regimes to their businesses and activities;
- Update their internal policies to ensure the correct risk assessment and management processes are in place;
- Comply with reporting requirements; and
- Engage with the Ministry for Foreign Affairs and Trade, as the administrator of the Russia Sanctions Act, to raise any concerns and apply for exemptions.
- Development of customised sanctions reporting through Chapman Tripp’s dedicated online sanctions portal;
- Advising an overseas client conducting business in New Zealand on the extraterritorial application of the Russia sanctions regime, and implications for providing services to designated persons listed on New Zealand’s Russia Sanctions Register;
- Acting for major financial institutions on potentially sanctioned payments and acting for importers seeking bank approval for payments;
- Advising domestic and overseas energy companies on rules relating to fuel of Russian origin; and
- Advising insurers and financial institutions on dealing with assets and securities of designated persons.