October 4, 2023

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US urges companies to comply with Russian sanctions – Stock Market News

US urges companies to comply with Russian sanctions – Stock Market News

The US government on Thursday called on companies to ensure compliance with sanctions imposed by Russia following Moscow’s invasion of Ukraine.

“Given the proliferation of sanctions and export restrictions imposed in retaliation for Russia’s unjust war, multinationals must be vigilant in their efforts to comply with the laws and alert to possible attempts to circumvent US laws,” he said. and finance in collaborative information exchange. “Companies of all stripes must act responsibly by implementing rigorous compliance checks.”

The United States, Europe and other allies have imposed a range of sanctions on individuals and companies since Russian troops invaded Ukraine a year ago, wreaking economic havoc on Moscow. Sanctions freeze all U.S. assets and prevent doing business with sanctioned parties.

“Malign actors continue to attempt to circumvent Russia-related sanctions and export restrictions,” including through the use of intermediaries, the services said.

In their guidance, the services cite various tactics used to evade sanctions and urge companies to remain vigilant. The department said companies should be aware of tactics used to evade regulations, such as the use of shell companies, aliases and hidden shipping details.

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