Sanctions from multiple countries have been imposed on Russia as a response to the conflict in Ukraine. These sanctions were imposed as a way of thwarting Russian abilities to continue the aggression. Not only are sanctions imposed against individuals and organizations, but also against countries. The EU has imposed sanctions on Belarus and Iran for their involvement in Russia’s invasion of Ukraine. Multiple individuals have been charged with assisting Russian interests in avoiding these sanctions and the sanction checks performed by organizations when complying with these regulations.
Sanction Checks Evasion and Fueling Russia’s War Effort
Despite these sanctions and controls in place, some individuals and organizations are still assisting Russia and helping to circumvent regulations. In May, a criminal complaint was released in the US charging Dr. Nikolaos Bogonikolos with wire fraud conspiracy and smuggling. The US Attorney’s office alleges that Bogonikolos was helping Russia develop next generation weapons and fuel Russia’s war effort, all while operating as a defense contractor for NATO and other ally countries. Another individual, Sergey Karpushkin, was arrested in April for sanctions violation. Karpushkin engaged in a scheme to purchase over $150 million in steelmaking materials to violate US sanctions against oligarch Sergey Kurchenko.
Third Party Countries
As stated above, the EU has already adopted sanctions against countries like Belarus and Iran in relation to those countries’ involvement in the invasion of Ukraine. Similar actions are in use by the US. Sanctions demonstrate unity among nations standing against aggression and human rights violations. It fosters cooperation and collaboration among like-minded countries to address the crisis effectively. Sanctions against third countries may be able to be leveraged to get more countries to comply with measures to stop aggression.
Truth Technologies’ Sentinel Application and Sanction Checks
Our Sentinel application can help make compliance easy. Contact us today to find out how we can assist with your sanction checks.