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Sunday, March 26, 2023

US urges companies to implement Russia-related sanctions

U.S. executive authorities on Thursday urged companies to enforce Russia-related sanctions, warning that failure to do so could result in possible prosecution.

“Given the proliferation of sanctions and export controls imposed in response to Russia’s unjust war, multinational companies must be vigilant in their efforts to comply with sanctions and monitor possible attempts to circumvent US laws. “said the Departments of Justice, Commerce and Treasury in a joint advisory. “All companies must act responsibly by implementing strict compliance controls.”

Recall that the sanctions that the United States, Europe and other partners have imposed on natural and legal persons freeze all American assets and do not allow doing business with sanctioned parties.

According to the aforementioned agencies, “malicious actors continue to seek to thwart attempts to circumvent Russia-related sanctions and export controls,” including through third-party intermediaries.

In a public document, the aforementioned departments reported on some of the tactics used to circumvent sanctions and urged companies to be vigilant. Businesses should be aware of tactics used to circumvent restrictions, including the use of shell companies and individuals and hidden shipping information, the advisory said.

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