The war in Ukraine and the subsequently implemented sanctions by the EU, UK, USA and others raised highly complex questions for Baltic and international businesses.
Complying with sanctions requires more than just checking a list of restricted companies. So to help you measure your sanction-related risk level and protect your business from illegally engaging with sanctioned companies or individuals, we have developed a five-step sanctions compliance model. We recommend to start with the screening and decide on next actions based on the findings.
We invite you to complete a quick self-diagnostics test, which will help you understand whether your business might be impacted by sanctioned companies.
Does your company have links with entities directly or indirectly owned by individuals or entities with ties to Russia and Belarus?
Do any individual investors in your company have ties to Russia or Belarus?
Does your company have any employees, assets or operations in Russia or Belarus?
Does your company export or provide goods or services to Russia, Belarus or the Russian-occupied territories?
Does your company sell goods subject to the export controls introduced by the new sanctions (sensitive technologies including semiconductors, telecommunication, lasers, sensors, navigation, avionics, maritime technologies, dual-use goods, machinery, etc.)?
Does your company buy goods subject to import controls (wood, cement, rubber, potash, etc)?
Does your company have plans to expand operations or attract customers in Russia or Belarus?
Does your company have dealings with contractors, re-sellers, agents, suppliers, developers or other third parties with ties to Russia or Belarus?
If you answered “yes” to at least one of those questions, we suggest you carry out an assessment of your company’s compliance with sanctions regulations and business partner screening.