Global banks and businesses face unprecedented challenges in applying sanctions, export controls, and prohibitions against providing certain services to Russia since its invasion of Ukraine on 24 February, according to a white paper published by Thomson Reuters.

Entitled The fog of sanctions, the paper observes that many global banks and businesses have responded to these new restrictions by expending considerable resources to know their customers better to keep doing business with unsanctioned parties in Russia.

You need to be logged in to view this article.

If you are an existing subscriber please enter your credentials to log in.

To become a member of The Association of Trade Finance Compliance Professionals (ATFCP)click here!