Global response
Ukraine update: EU, JP, CH, SG, UK, US sanctions against Russia
The shocking events in Ukraine continue. Sanctions in response to Russia’s actions are far-reaching. An overview of measures in key markets for AEB readers.
15.11.2022
General information on measures against Russia
EU sanctions against Russia
Japan sanctions against Russia
Singapore sanctions against Russia
Switzerland sanctions against Russia
UK sanctions against Russia
US sanctions against Russia
Red flags in trade transactions
How software supports trade compliance
General information on measures against Russia
Many companies have stopped business activities with Russia or put business on hold for the time being. Anyone still seeking to do business with Russia, Belarus, or annexed regions in Ukraine needs to continuously verify if involved business partners are covered by latest sanctions, if payments can be received, and if shipments are actually possible at all.
The scope of sanctions that were imposed in response to the situation in Ukraine are extensive and reflect an extraordinary level of alignment and coordination among countries around the globe. In the next section of this article, we’re giving a short overview of measures with useful government links in key markets for AEB readers. But first, to best understand the scope of current restrictive measures, it helps to break them down into three main areas:
- Financial sanctions: These include comprehensive bans on the provision of funds to listed individuals, entities, and companies.
- Goods-related sanctions: These include restrictions on trade with certain defined goods as well as services and financial resources that relate to such goods.
- Capital market restrictions: These include access restrictions to various capital markets for certain Russian financial institutions, organizations, the government, and the central bank.
You can find further useful tips on sanctions against Russia and their implementation in practice in this article.
Important note
The scope of current sanctions continues to change frequently in line with ongoing developments in Ukraine. It is therefore crucial for businesses to monitor relevant government updates to ensure compliance with latest restrictive measures.
In detail: Current EU, JP, CH, SG, UK, US sanctions
EU
sanctions against Russia
Japan sanctions against Russia
Singapore sanctions against Russia
Switzerland sanctions against Russia
UK sanctions against Russia
US sanctions against Russia
Constant vigilance: Red flags in trade transactions
Unfortunately, even the strictest sanctions do not eradicate all criminal activities and workaround efforts. Export control experts therefore strongly recommend always keeping a watchful eye on red flags during trade transactions with business partners including suppliers, partners, customers, and prospects. It’s important to note that all departments of a company contribute to trade compliance – it’s a team effort that includes business units from purchasing and legal to sales, account management, and shipping.
Examples for red flags include but are not limited to:
- Introducing new or alternative payment procedures
- Ordering party differs from party making payment
- Payment acceptance takes place via third party
- Business sector seems unusual for requested items or services
- Prospect has little-to-no online presence and is not listed in directories
- Declining usual on-site assembly, installation, maintenance, and training
- Quantity and performance capability is not proportionate to typical need
- Requesting unusual packaging or payment terms
- Special constructional demands that point to military end-use or ABC weapons
How software supports your trade compliance
Denied party screening forms an integral part of compliance with trade restrictions. Examples for sanctions lists include the US SDN list, the EU CFSP list, the UK sanctions list, the Switzerland SECO list, the Singapore MAS list, and the Japan MEU list – but there are many, many more on international and national level. Compliance Screening from AEB manages this demanding task for you securely and efficiently – and offers a wide range of lists in line with your individual requirements.
In addition, AEB's Export Controls and License Management applications help you comply with country embargoes, perform goods-related checks, and manage licenses. This ensures security and supports your trade compliance for all business processes from offer to delivery. With Risk Assessment, you can establish transparency, keep potential risks on screen, and enable informed decisions – while empowering all your business units to contribute and report suspicious transaction details.
Assistance for AEB customers
Are you already working with AEB trade compliance software? Our experts have summarized everything you need to know and the steps you need to take in the AEB Help Center.Similar content
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