Russia Sanctions: 5 Key Points for Companies
March 16, 2023
The United States, the European Union, and the United Kingdom recently imposed new sanctions on Russia to coincide with the one-year anniversary of Russia’s invasion of Ukraine, a measure that the European Union described as its “10th package of sanctions against Russia” to date.
So, one year in, after 10 rounds of sanctions against Russia, where do things stand? Here are five key points for companies to consider:
1. For any remaining business with or involving Russia, it is imperative to manage compliance carefully.
Although Russia has been described as “the most sanctioned country in the world,” this is not exactly accurate, as there remains a range (arguably, a substantial range) of business with Russia that is permissible. For companies engaged in such business, it is of paramount importance to manage the various vectors of Russia-related risk, including sweeping export controls, sanctions on Russia’s financial system, and the web of multijurisdictional restrictions.
To read the full post, please visit our Government Contracts Navigator blog.