How to comply with the new U.S. sanctions against Russia
On February 23, 2024 U.S. President Joe Biden announced more than 500 new sanctions against Russia in response to the death of Russian opposition leader Aleksei A. Navalny and the ongoing conflict in Ukraine. The imposition of this comprehensive sanctions package by the United States against Russia underscores the reality of the constantly evolving geopolitical environment.
These sanctions against Russia are meant to target Russia’s financial sector and military supply chain, which are already showing signs of weakness. In the wake of such sweeping sanctions, it’s up to individual organizations to respond swiftly and appropriately. Here’s what you need to know:
Details of the new sanctions package
The statement from the Whitehouse is clear: “These sanctions will target individuals connected to Navalny’s imprisonment as well as Russia’s financial sector, defense industrial base, procurement networks and sanctions evaders across multiple continents." These measures signal the international community’s disapproval and exert pressure on Russia. Coordinated with the European Union, they form a unified stance against Russia’s actions.
Wally Adeyemo, Deputy Secretary of the Treasury, released a statement detailing the aim of these latest sanctions:
- Additional sanctions on Russian energy will be applied to tighten a price-cap regime that has already seen a 40% decrease in Russia’s energy revenue in 2023. The aim is to increase Russia’s circumvention costs to further degrade revenue.
- Tough penalties on Russian organizations and third countries contributing to war production, making access to money and supplies for weapons manufacturing more difficult.
Keeping up with the latest sanctions news
As the world watches, the US sanctions against Russia reverberate and these actions will impact the way many organizations do business.
Staying informed is crucial.But organizations may find it difficult to keep up with the surge in new sanctions as geopolitical unrest emerges on multiple fronts.
The Diligent One Platform is here to help. As sanctions activity continues to grow,Diligent offers:
- References to over 1400 watchlists
- Automated sanction monitoring tools
- Real-time risk information, and more
Discover how to protect your institution from financial and reputational damage with Risk Intelligence Data from Diligent.
