In the midst of escalating global conflicts casting uncertainty upon the global status quo, companies cannot lose sight of compliance. One situation that has become somewhat more obscured in favor of reporting on newer emerging conflicts is the Russia-Ukraine war. After more than a year of escalating sanctions, we take a high-level look at the current landscape and what companies need to know to protect their third-party networks in a compliance-based framework.
The individual elementAfter many years of tension on the world stage, the conflict in Ukraine has resulted in Russia becoming one of the most sanctioned countries in the world. As countries continue issuing sanctions in an effort to dissuade Russia’s actions with strong economic impacts, it’s becoming increasingly clear that lack of coordination is hampering international efforts. At the time of writing, more than 13,600 sanctions have been imposed by the US, UK, EU, Canada, Switzerland, Australia and Japan. Many compliance leaders are surprised at the breakdown of the sanctions, which is as follows:
- 0.7% against aircraft
- 1.2% against vessels
- 25.4% against entities
- 72.7% against individuals