The European Parliament has adopted a non-binding resolution in the event of Russian troops entering Ukraine.

The resolution proposes that imports of oil and gas from Russia to the EU be immediately stopped, that Russia should be excluded from the SWIFT payment system (used for international bank transfers) and that assets in the EU of oligarchs close to the Russian authorities and their families should be frozen in the event of Russian troops entry into Ukraine.

The resolution also calls on the EU to reduce dependence on Russia by halting the completion of the Nord Stream 2 gas pipeline from Russia to Germany under the Baltic Sea.

Please see link to the resolution here. Businesses should closely monitor the ongoing situation given the material impact that the proposed measures could have on trade with Russia.