Links with Russia and Sanctions

Links with Russia and Sanctions

The list of companies cutting ties with Russia is growing – as are the risks if organisations do nothing and maintain their links with Russia. They will face growing pressure from customers, investors and other stakeholders to speak out against Russia. Failure to take a stand could lead to damaging headlines and possible boycotts – silence may be assumed or interpreted as support for Putin.

Sanctions

In response to the ongoing Russian Ukraine conflict, a number of countries’ sanctions issuing authorities have announced or implemented new sanctions, including US, UK, EU, Canada, Australia, Japan, Singapore and Switzerland. World-Check sanctions research analysts have, by default, been closely monitoring all sanctions lists for new or updated individuals and entities that will be impacted. As Russia bears the brunt of an ever-increasing list of sanctions on the state, corporations and numerous individuals, repercussions for the global economy and individual businesses are becoming apparent. Breaches of financial sanctions are criminal offences, punishable by fines and/or a prison sentence, so it is important to keep up-to-date with the latest guidance as this continues to change and evolve.

Clearly communicated policies and procedures, both internally and externally, implementing a risk-based sanction screening process are of a great importance nowadays. Where required, it is important to audit the success of this through independent testing and regularly review sanction screening policies, procedures and training.

More updates soon to follow…