In response to the actions taken by Russia against Ukraine, many countries around the world have, or are considering, imposing further sanctions as a way to peacefully control the situation. These include restrictions on doing business with companies and people that are located in specific jurisdictions or that have Russian affiliations. We understand that this is a complicated matter for your business where compliance and reputational risks abound, and therefore understanding the extent of your exposure is paramount.
You may think because you don’t have customers located in Russia or the Ukraine that there is nothing for you to do – or, since all of your vendors are U.S. companies or located in the U.S., that these newly imposed sanctions don’t impact you. We’re here to tell you that is not the case.
Organizations globally need to have a close look through their corporate customer base, vendors and suppliers to uncover whether any of these partners have Russian/Ukrainian ties. These risks may be indirect – yet remain significant – not only for sanctions compliance reasons but also for supply chain management and sustainability.
Many of the sanctioned entities or individuals recently published have ownership in other entities. If that ownership in the aggregate is 50% or more, you can no longer do business with them. For instance, some of the sanctions announced on Russia’s largest bank (Sberbank) also impact 25 subsidiaries that are located not only in Russia but six other countries.
Complex supply chains are interconnected not only through physical shipments of goods, but also through complex networks of intangible internet connectivity. Exiger is monitoring internet degrading which is causing significant disruptions in deep tier supply chain partners.
We have fielded a number of inquiries of clients’ expressed interest in expanded usage of our offerings and / or specific needs related to Russian exposure. Exiger recognizes that navigating this developing situation and ensuring coverage is quite challenging. Please reach out to understand how best we can support your programs.
See below for relevant work to make the world a safer place to do business:
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