14 wartime alerts

Believe it or not, the war between Ukraine and Russia affects your company's risk map.

Alerts to watch out for:

🚩 TRANSACTIONS 

You will have to identify and prevent transactions related to beneficial owners in Russia (politicians, oligarchs, and state-owned enterprises from oil and defence companies).

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🚩 FINANCING: 

We recommend analysing investment and financing in companies related to Russia and its government to avoid reputational and financial losses, including subsidiaries and beneficial owners.

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🚩 SOLVENCY:
You should consider a plan for insolvency risks in transactions with Russian banks after the SWIFT ban and OFACasset freeze.

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🚩 DUE DILIGENCE:
Due diligence procedures and OFAC matches on third parties receiving new sanctions need to be reassessed.

🚩 S UPPLIERS:
Identifying alternative suppliers from Russia and initiating exit plans is essential as part of boycott efforts and to address discontinuity risks.

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🚩 LICENSING:
You must plan for the effect of export licence cancellations and trade restrictions by Russian customers and suppliers, based on direct technology exports.

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🚩 LOGISTICS:
Take into account the dependence of your third parties' logistics/supply processes on third parties that are not dependent on Russia or the conflict zone.

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🚩 S PONSORSHIPS:
Contemplate reputational losses by cancelling sponsorships, partnerships and agreements with Russian companies.

🚩 SANCTIONS:
You must ensure sanctions compliance with OFAC following the listing of VTB, Otkritie, Novikombank and Sovcombank as Specially Designated Nationals and Sberbank, including subsidiaries.

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🚩 COLLATERALS:
Evaluates measures against state-owned companies in Venezuela, Belarus, Armenia and other countries that support Russia, and countries that are economically dependent on Russia such as Georgia, Azerbaijan, Kazakhstan.

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🚩 SUBSIDIARIES:
Activates exit actions for subsidiaries operating in Russia, in particular to address possible countermeasure scenarios.

🚩 IT:
Improves the efficiency of IT controls to prevent cyber attacks from Russian threat actors, starting with ransomware, phishing and distributed denial of service.

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🚩 TRAINING:
Sensitises frontline staff to identify any business operations related to Russia.

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🚩 HUMAN TALENT:
It is essential to look at mental health, employment and financial support for employees with families in Ukraine with sensitivity towards employees in the Baltic countries, Poland, Romania, Slovakia and Hungary .