Corruption, Crime & Compliance

Featured Articles:

9 Mar, 2022

The Force Multiplier: Ethics and Sustainability

The rise of ESG programs did not just come out of thin air. Frankly, in many respects, ESG tied together important trends relating to sustainability, social justice, reputational damage and climate change. Many organizations involved in the extractive industries already had elevated sustainability as an important priority. Indeed, for years, a number of these organizations issued annual sustainability reports. With increasing focus on environmental and...

General

9 Mar, 2022

United States and United Kingdom Move to Prohibit Russian Oil and Gas Imports

In a much-anticipated action, President Biden announced a prohibition on all Russian oil and gas imports. The United States relies on Russia oil for approximately 8 percent of its needs. Simultaneously, the United Kingdom announced it will reduce oil and gas imports from Russia over the next nine months. The UK relies on Russian oil and gas imports for approximately 18 percent of its energy...

General

6 Mar, 2022

DOJ Enforcement and Compliance with the New Russian Sanctions

The Department of Justice has announced its plan to aggressively enforce the new Russia Sanctions Program. In response to the dire humanitarian situation in the Ukraine, DOJ took two significant actions – creation of the KleptoCapture Task Force and a commitment to enforcement of the Russia sanctions and export control. DOJ’s second statement of intent is significant. DOJ’s record of criminal enforcement of prior sanctions...

Events

6 Mar, 2022

NAVEX and Volkov Law Webinar — Russia Sanctions: Impact on Your Third Party Compliance

Webinar — Russia Sanctions: Impact on Your Third Party Compliance Tuesday, March 15, 2022, 1 pm EST Sign Up HERE The Volkov Law Group is pleased to announce an upcoming webinar sponsored by NAVEX on Tuesday, March 15, 2022, at 1 pm EST (10 am PST). Michael Volkov and Jesica Sanderson from The Volkov Law Group will be conducting the webinar. The Russia-Ukraine crisis has...

Podcasts

5 Mar, 2022

Episode 227 — A Review of the Russia Sanctions and Export Controls

In an unprecedented and sweeping set of actions, the United States in coordination with its Allies and partners has implemented a robust set of sanctions and export controls against Russia designed to cripple Russia’s economy. The unprecedented actions against Russia are intended to deter Russia from continuing its violent invasion of Ukraine and attacks against the Ukrainian people. The Department of Treasury Office of Foreign...

General

2 Mar, 2022

United States Announces Additional Sanctions Against Russia and Belarus

As announced during his State of the Union, President Biden and U.S. Allies and partners, announced additional sanctions against Russia and Belarus. In recognition of the impact of the sanctions and export controls on the energy industry, the United States and Allies released 60 million barrels of oil from strategic reserves. The new restrictions include: Expansion of BIS Sanctions from Russia to Belarus: The United...

General

2 Mar, 2022

Global Update and Review: Russia Sanctions and Asset Capture Initiatives

The Russia-Ukraine crisis has created a fast-moving compliance nightmare – sanctions and export controls around the globe are changing each day. Some major companies are pulling out of Russia completely in response to the crisis. Others are trying to keep up with sanction requirements and adjusting specific controls each day. Whatever approach is taken, trade compliance officers have their hands full. United States On the...

General

28 Feb, 2022

OFAC Issues New Sanctions Against Russia’s Central Bank and Sovereign Wealth Funds

In a significant step designed to increase financial pressure on Russia in response to its invasion of Ukraine, the Department of Treasury’s Office of Foreign Asset Control (“OFAC”) issued new sanctions to prohibited United States persons from engaging the Central Bank of the Russia, the National Wealth Fund of Russia, and the Ministry of Finance. In effect, the new sanctions freeze all Central Bank assets...

General

28 Feb, 2022

United States and Allies Announce Further Sanctions Against Russia Targeting Access to the SWIFT System

In a significant step, on Saturday, February 26, 2022, the United States and leaders of the European Commission, France, Germany, Italy, the United Kingdom, and Canada announced additional sanctions against key Russian institutions and banks. The weekend announcement indicated that the specific sanctions will be released in the next few days. The United States and Allies explained that the additional measures are designed to “ensure...