ISDA members have expressed interest in the potential impact of the recent introduction and/or extension of applicable sanctions or restrictions by the US and the EU in relation to individuals and entities in Russia and Ukraine (the Sanctions).
ISDA has been working with legal counsel in both the EU and the US and has held a number of member calls and published various notes on the Sanctions covering key legal issues and the potential impact on derivatives documentation. ISDA has also been liaising with regulators on the Sanctions. This page is intended as a central information resource to assist market participants in their contingency planning with respect to the impact of the Sanctions. The existence of this page does not imply any view on the part of ISDA as to the impact of or future occurrence of any event covered by the linked documents.
Call notes as well as other supplemental materials are available to members below. Details of any industry calls or meetings will be posted on this page.
For inquiries or requests, please email isdaeurope@isda.org.
| Date | Title | Documents |
| September 8, 2014 | EU Russia and Ukraine-related sanctions and their impact on OTC Derivative Transactions |  |
| ISDA has published a further note for members regarding EU sanctions. This note only considers EU sanctions adopted on 30 and 31 July 2014. These sanctions include restrictions directly concerning Russia, which came into force on 1 August 2014; and (II) Crimea and Sevastopol, which came into force on 31 July 2014. The note, produced by Allen & Overy LLP, sets out a summary of EU Sanctions and the potential effect of these EU Sanctions on bilateral over-the-counter derivatives transactions based on, and governed by, ISDA documentation. | ||
| August 8, 2014 | US Russia and Ukraine-related sanctions: current state of play | |
| ISDA has published a note setting out the current state of play regarding US sanctions on Russia and the Ukraine | ||
| July 25, 2014 | US Russia and Ukraine-related sanctions and their application to CDS transactions | |
| ISDA has published a note which sets out the potential impact on CDS Transactions of US sanctions on Russia and the Ukraine. | ||
| May 23, 2014 | EU Russia and Ukraine-related sanctions and their application to CDS transactions | |
| ISDA has published a note which sets out the potential impact on CDS Transactions of EU sanctions on Russia and the Ukraine. | ||
| May 16, 2014 | EU Russia and Ukraine-related sanctions and their application to ISDA Master Agreements | |
| ISDA has published a note setting out the current state of play regarding EU sanctions on Russia and the Ukraine. | ||
| April 30, 2014 | ISDA Follow up Member call: Russia and Ukraine sanctions in the US and ISDA documentation | |
| ISDA hosted a follow up member call following the recent imposition of sanctions against Russia and the Ukraine to discuss and exchange views on the implications for transactions documented under ISDA Master Agreements. The call was not recorded but a note has been published which summarises the issues that were discussed. | ||
| April 24, 2014 | ISDA Member call: Russia and Ukraine sanctions in the EU and ISDA documentation | |
| ISDA hosted a member call following the recent imposition of sanctions against Russia and the Ukraine to discuss and exchange views on the implications for transactions documented under ISDA Master Agreements. The call was not recorded but a note has been published which summarises the issues that were discussed. |
Latest
IQ Interview with Mark Uyeda
Mandatory clearing of US Treasury securities is due to begin at the end of this year under rules finalized by the Securities and Exchange Commission (SEC) in 2023. SEC commissioner Mark Uyeda talks to IQ about the benefits of clearing...
Response to FCA on CFI Codes for Transparency
On March 19, ISDA responded to Chapter 3 of the UK Financial Conduct Authority’s (FCA) Quarterly Consultation CP26/8 on transparency requirements for financial instruments under Market Conduct Sourcebook (MAR) 11. Sections 3.11-3.13 of the consultation paper explain a discrepancy between...
Why We Need Safe and Efficient SFT Markets
Securities financing transactions (SFTs) play a vital role in fostering liquidity, mobilizing collateral and supporting the smooth functioning of derivatives markets. But during periods of stress, secured funding markets often come under pressure just when they’re needed most, with reduced...
Response to BoE on Clearing Exemption for PTRR
On March 11, ISDA submitted a response to the Bank of England’s consultation on a proposed approach to exempting post-trade risk reduction (PTRR) transactions from the derivatives clearing obligation under Article 4 of the European Market Infrastructure Regulation (EMIR). ISDA...