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FinTech Nostradamus

March 22, 2022

Tanks and Banks: What Fintechs Must Know About Economic Sanctions on Russia

Emerging Litigation Podcast

In a special question and answer segment for the Emerging Litigation Podcast, Brad Rustin, partner and chair of the Financial Services Regulatory Practice at Nelson Mullins, breaks down financial sanction programs related to Russia’s invasion of Ukraine.

“Compared to the last 40 or 50 years, these are the most robust set of sanctions that the U.S. government has ever attempted to impose. Its impact is obviously being magnified by our allies in the European Union, in the G7, and the G10. When we think about these different sanctions, they are targeting the Russian Federation’s entire access to the financial system, which is almost unprecedented. They are going after industries, banks, and individuals. That's unique,” he said.

When asked about a cyberwar, Rustin said, “We’re seeing a spike in hacking and denial of service attacks. The Ukrainian development community, which is one of the most advanced, particularly their financial services technology development teams, are attacking the Russian Federation, and the Russian Federation is launching attacks against Ukrainian banks and financial services. [Thousands of volunteer hackers from around the world are teaming up to target Russia, too.]”

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