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
ISDA Response to EC on Environmental Legislation
On September 10, ISDA, the Association for Financial Markets in Europe (AFME) and the European Fund and Asset Management Association (EFAMA) submitted a joint response to the European Commission’s (EC) call for evidence on reducing the administrative burden in environmental...
Credit Derivatives Trading Activity Q2 2025
This report analyzes credit derivatives trading activity reported in Europe. The analysis shows European credit derivatives transactions based on the location of reporting venues (EU versus UK) and product type. The report also compares European-reported credit derivatives trading activity to...
ISDA Trading and Treasury Forum: CEO Remarks
ISDA Derivatives Trading and Treasury Forum London, September 16, 2025 Opening Remarks Scott O’Malia ISDA Chief Executive Officer Good morning, and welcome to the ISDA Derivatives Trading and Treasury Forum. Thank you to CME Group for partnering with us...
Recognition of Cross-product Netting is Critical
US regulators are in the process of making important changes to the regulatory capital framework by proposing modifications to the enhanced supplementary leverage ratio, which should help stop it from acting as a non-risk-sensitive constraint on bank capacity – a...