Even if fund managers do not actively invest directly into Russia, the war in Ukraine is factoring into their investment decisions. For example, questions have been raised about how the war fits into a firm’s environmental, social and governance (ESG) policies, including how far downstream managers need to evaluate to verify that there is no connection with Russia. To explore those issues, the European Fund and Asset Management Association hosted a webinar providing a market overview of the ramifications from Russia’s invasion that featured Simmons & Simmons partners Niamh Ryan, Augustin de Longeaux, Ian Rogers, Robert Turner and Catherine Weeks; managing associates Andrew Desmond and Tristram Lawton; and counsel Basil Woodd‑Walker. This second article in a two-part series examines potential ESG implications for asset managers; ways sanctions impact liquidity management; market interventions; and potential protections offered by investor treaties. The first article provided an overview of the scope of sanctions enacted by the U.S., E.U. and U.K. against Russia and key figures connected thereto, as well as how that is impacting fund managers’ actions with affected investors. See our two-part series on navigating sanctions regimes: “U.S. and U.K.” (Feb. 11, 2021); and “The E.U. and Hot Sanctions Arenas” (Feb. 18, 2021).