U.S. Trade Team Evaluates the Impact of New Russia Sanctions in Law360
The U.S., in coordination with other G7 countries, recently announced new sanctions and export controls targeting Russia in response to the ongoing war in Ukraine. Litigation & enforcement partner Ama Adams, counsel Emerson Siegle, associate Kurt Fowler, and partner Brendan Hanifin outlined how the new restrictions are meant to promote the international commitment to “intensifying economic pressure on Russia” and underscore the “increasing compliance challenges for the companies that continue to pursue Russia-related opportunities.”
Key takeaways include: the U.S. has entered a new phase in its strategy to constrain Russia; the U.S. government is increasingly focused on targeting those who try to circumvent its trade restrictions; export restrictions are evolving to prohibit an increasingly broad number of transactions with Russia; and traditional trade compliance tools are now a necessary, but not sufficient, approach to addressing Russia-related risks as part of an effective trade compliance program.
“The need for comprehensive compliance controls is particularly heightened for companies that do seek to continue to lawfully transact with Russia.”