Refer to Related Case Documents: E.O. 14038, E.O. 13405, International Emergency Economic Powers Act (IEEPA), 50 U.S.C. §§ 1701-1706, National Emergencies Act (NEA), 50 U.S.C. §§ 1601-1651 (for Belarus Sanctions), E.O. 14114, E.O. 14071, E.O. 14068, E.O. 14066, E.O. 14039, E.O. 14024, Protecting Europe’s Energy Security Act of 2019 (PEESA), International Emergency Economic Powers Act (IEEPA), 50 U.S.C. §§ 1701-1706, National Emergencies Act (NEA), 50 U.S.C. §§ 1601-1651 (for Russian Harmful Foreign Activities Sanctions), E.O. 14065, E.O. 13883, E.O. 13849, E.O. 13685, E.O. 13662, E.O. 13661, E.O. 13660, Countering America’s Adversaries Through Sanctions Act (CAATSA), PL 115-44, Ukraine Freedom Support Act of 2014 (UFSA), Support for the Sovereignty, Integrity, Democracy, and Economic Stability of Ukraine Act of 2014 (SSIDES), International Emergency Economic Powers Act (IEEPA), 50 U.S.C. §§ 1701-1706, National Emergencies Act (NEA), 50 U.S.C. §§ 1601-1651 (for Ukraine-/Russia-related Sanctions), Sergei Magnitsky Rule of Law Accountability Act of 2012 – Public Law 112-208, International Emergency Economic Powers Act (IEEPA), 50 U.S.C. §§ 1701-1706 (for Magnitsky Sanctions); Council Regulation (EU) No 269/2014, Council Regulation (EU) No 833/2014, Council Regulation (EU) 2020/1998, Council Regulation (EC) No 765/2006; Sanctions and Anti-Money Laundering Act 2018 (SAMLA), The Russia (Sanctions) (EU Exit) Regulations 2019, The Republic of Belarus (Sanctions) (EU Exit) Regulations 2019
Case Background
In May 2024, Company [Confidential] Holding, engaged in software development, mobile applications, and games for iOS and Android platforms, as well as marketing and monetization of software on AppStore, Google Play Market, and Meta (Facebook), operating in the jurisdictions of Cyprus, Belarus (high-risk jurisdictions), Poland, and the USA, approached our compliance department with an important request. They required a comprehensive Legal Opinion on the compliance of their activities with the sanctions legislation of the EU, UK, and USA. Company [Confidential] Holding sought to ensure that their commercial operations, business relationships, and overall corporate structure do not violate international sanctions regimes, particularly those against Russia and Belarus.
Legal Assistance Rendered
We conducted thorough checks of Company [Confidential] Holding and its subsidiaries, confirming that Company [Confidential] Holding is not involved in activities violating the sanctions of the EU, UK, or USA. We verified that the ultimate beneficial owner and top managers of the companies are not under sanctions. We established that the contracts between the subsidiaries and their partners comply with the legislation of the EU, UK, and USA. Financial transactions conducted using Eurobank Cyprus Ltd, CJSC “BSB Bank”, R-Bank JSC, and “Priorbank” JSC were deemed safe and not subject to financial restrictions.
Our lawyers prepared a detailed Legal Opinion for Company [Confidential] Holding on the Compliance of the Activities of Company [Confidential] Holding with the Sanctions Legislation and Relevant Legal Frameworks of the European Union, the United Kingdom of Great Britain, and the United States of America, which includes various sections:
- Legal background and relevant regulatory framework (Financial, Trade, Personal, and Other Types of Restrictive Measures of the EU, UK, OFAC against the Republic of Belarus and the Russian Federation)
- Factual and legal background concerning the Group. Activities of the Group and its relevant internal procedures (Group Overview, Corporate Structure Breakdown, Description of the companies’ activities, Corporate overview and activities analysis of particular companies within the Group, Companies with Contractual Relations with Company [Confidential] Holding and its Subsidiaries, but not Part of the Group (Holding), Principal contracts
- Resolution section where the conclusions of the sanctions lawyers regarding the compliance of Company [Confidential] Holding’s activities with the sanctions legislation of the EU, UK, and USA are formulated.
The client can use the Legal Opinion in an unlimited number of cases:
- Providing the Legal Opinion to banks to confirm compliance with Sanctions Legislation
- Providing the Legal Opinion for concluding long-term contracts with new counterparties in the EU, UK, and USA
- Obtaining the Legal Opinion to mitigate the risk of asset freezes
- Presenting the Legal Opinion to counterparties and partners to confirm the company’s compliance with international legal norms
- Using the Legal Opinion to obtain credit lines and attract investments from financial institutions requiring confirmation of legal integrity
- Providing the Legal Opinion for participating in international tenders
- Using the Legal Opinion to successfully pass compliance checks for Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) requirements
- Using the Legal Opinion to confirm compliance with the requirements of regulatory authorities such as OFAC, Euroclear, Clearstream, to obtain licenses and permits
