Russian Sanctions: Building the Pressure
International Trade attorney Stephanie Connor was quoted in an International Bar Association (IBA) article examining the effectiveness of Western sanctions against Russia and the growing emphasis on enforcement as governments look to increase pressure on the country while the war in Ukraine continues. The article explored evolving sanctions strategies, efforts to combat circumvention and the role that compliance professionals, financial institutions and intermediaries play in identifying and preventing prohibited transactions. Stephanie noted that, despite shifts in broader U.S. foreign policy priorities, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) remains active in pursuing Russia-related sanctions violations and gathering intelligence from industry participants.
"They are really focused on gatekeepers who are the lawyers and accountants or intermediaries who typically know if there is a sanctioned person in the mix of a particular transaction," she said.