European Union strengthens sanctions on Russia and raises compliance requirements for businesses.

The approval of the European Union's 21st sanctions package against Russia strengthens restrictions on more than 3,000 individuals and entities, affecting strategic sectors such as finance, energy, technology, transport and defence. These measures not only limit the activity of the sanctioned parties, but can also have a direct impact on third-party companies and contracts, including Spanish companies with no direct connection to Russia.

Against this backdrop, it is essential to review and adapt current and under-negotiation contracts to ensure an appropriate allocation of risk. Aspects such as force majeure, indemnity, contract termination, regulatory compliance and change-of-control clauses are of particular relevance in protecting the parties against possible subsequent sanctions and ensuring an effective response to any breaches or operational blockages.

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