Blog Compliance

Due Diligence in Times of the Russia-Ukraine War

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At the beginning of June, the European Union adopted the sixth sanctions package against Russia. In an interview, Christian Kellner, Head of GTM Finance & Risk Central Europe at Dun & Bradstreet, explains what compliance officers should pay attention to now.  

What changes does the new sanctions package bring?

Christian Kellner: In addition to the long-debated partial oil embargo and the exclusion of more Russian banks from the Swift financial communications network, it expands export restrictions on various goods. It also lists more people with whom European companies are not allowed to do business. It includes a ban on services in the areas of auditing, accounting and tax consulting, business and public relations consulting and cloud services.

How do the new regulations affect companies?

Christian Kellner: Anyone doing business in Russia and Ukraine is now used to having their business contacts continually monitored. However, the sixth EU sanctions package increases the pressure on compliance officers even more. Especially since the EU embargo measures and personal sanctions lists are continuously updated. Accordingly, due diligence checks must also be carried out closely. 

What should compliance officers pay particular attention when checking their business partners?

Christian Kellner: It is important that they understand the direct and indirect exposure of their business partner portfolio to Russia and Ukraine: What do I supply to whom? What is the ownership structure of my business partners? Are there any possible sanctions list violations due to corporate interrelationships? These are all questions that compliance officers should now have answers to. Solutions such as D&B Risk Analytics or our data on beneficial owners provide support here both in an initial risk check of the business partner portfolio and in ongoing operations when onboarding new customers and suppliers.

In our free webinar "Business Partner Due Diligence in Times of Russian Sanctions" Christian Kellner will explain how you can efficiently reduce the risk of compliance violations on 27th of June 2022, 9.30 am.

Register now!

 

 

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