The Biden administration signed an executive order on Friday giving the Treasury Department the authority to impose sanctions on banks and other financial institutions that help facilitate Russia’s access to military supplies.
In an article for the Wall Street Journal, litigation & enforcement counsel Emerson Siegle said the move means that foreign banks, some of which might not have robust due diligence procedures, will likely have to step up their compliance efforts.
“It’s going to put a lot of these third-country financial institutions in a tricky position,” he said.
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