One may obviously think that the best way to control magnetic properties relies on using a magnetic field. However, it is not convenient to focus a magnetic field on a small object, whereas it is much easier to do so with an electric field. Magnetoelectric coupling allows one to control the magnetization with the electric field and the polarization with the magnetic field and could therefore provide a solution to this problem. This paper aims at quantifying the impact of the electric field on both the isotropic magnetic exchange and the Dzyaloshinskii–Moriya interaction in the case of a binuclear system of S = 1/2 spins. This study follows previous studies that showed that very high Dzyaloshinskii–Moriya interaction, i.e., the antisymmetric exchange, can be generated when close to first order spin orbit coupling. We will, therefore, explore this regime in a model Cu(II) complex that exhibits a quasi-degeneracy of the dx2−y2and dxy orbitals. This situation is indeed the one that allows us to obtain the largest spin orbit couplings in transition metal complexes. We will show that both the magnetic exchange and the Dzyaloshinskii–Moriya interaction are very sensitive to the electric field and that it would therefore be possible to modulate and control magnetic properties by the electric field. Finally, rationalizations of the obtained results will be proposed.