Asian Companies Should Heed G7 Sanctions Guidance, Law Firm Says
Asia-based companies should make sure they’re doing enough due diligence to take into account heightened Western focus on Russia-related sanctions evasion, Ropes and Gray said in a Nov. 5 client alert, particularly because of their “geographical proximity” to Russia. The firm pointed to guidance on sanctions evasion recently released by the Group of 7 nations (see 2409250004), adding that Asian companies “are at higher risk for diversion as Russia is ever more reliant on complex transnational structures to circumvent sanctions and procure critical technology and manufacturing components” for its weapons.
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The law firm said it’s seeing a rise in “scrutiny” from sanctions regulators. “Therefore, it remains critical for companies to maintain robust due diligence requirements and take steps to ensure employee awareness of potential sanctions evasion red flags,” it said.