Western governments have imposed a new round of sanctions as a result of Russia recognizing the independence of two regions of Ukraine, Donetsk and Luhansk, and sending troops into those disputed areas. Trade restrictions to the two regions and select Russian banks and individuals have been put in place and more will likely follow.
The moves by the U.S. and UK in particular underline the basic tenets of an article we posted recently about the effectiveness of sanctions in maintaining geopolitical order.
Some of the series of sanctions announced by the United States and the United Kingdom so far include:
- President Joe Biden signing an Executive Order Blocking Property Of Certain Persons And Prohibiting Certain Transactions With Respect To Continued Russian Efforts To Undermine The Sovereignty And Territorial Integrity Of Ukraine.
- The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) prohibiting transactions with entities which allegedly joined efforts to undermine the sovereignty of Ukraine. They are as follows:
- The U.K. imposing sanctions on five banks and three wealthy Russians.
The U.S. measures included blocking the Russian government from accessing Western financing, along with sanctions on two Russian financial institutions as well as Russian elites and their family members.
What the Ukraine Crisis Means for Businesses
With the situation still fluid and rapidly-changing, businesses should proceed with caution with regards to transactions involving Russia and Ukraine, especially with entities added to denied, debarred and blocked entities lists and any organizations that they have significant shareholding in.
Descartes updates its screening lists as watchlists are updated by government and official sources to help keep companies in compliance with sanctions and embargoes programs.
Descartes is a provider of an industry-leading suite of denied party screening and 3rd party risk management solutions, including business systems integration with minimal disruption, sometimes in under an hour.
Descartes Visual Compliance solutions are flexible and modular, allowing organizations to pick the specific and exact functionality and content they need for their particular compliance needs and scale up later as and when necessary.