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 verify 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 attorneys Ian Rogers, Tristram Lawton and Basil Woodd‑Walker. This second article in a two-part series examines potential ESG implications for asset managers; ways sanctions impact the secondary market and handling of private credit; and potential protections offered by investor treaties. The first article outlined 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 three-part series on contingent dislocation funds and market disruptions: “Appeal, Application and Adoption Before Adverse Events” (Mar. 15, 2022); “Unique Mechanisms That Position Them to Pounce” (Mar. 22, 2022); and “Suitable Fund Participants and Potential Downsides to Avoid” (Mar. 29, 2022).