European Commission issues guidance on how to identify companies that evade sanctions against Russia
The European Commission has issued guidance for exporting companies on how to check their business partners for circumvention of sanctions against Russia.
Source: guidance published on the website of the European Commission
Quote: "This practical guidance will help the EU exporters spot red flags and reduce the risk of sanctions evasion," commented Mairead McGuinness, European Commissioner for Financial Stability, Financial Services and the Capital Markets Union.
Details: The guidelines contain information about what European exporters should do during a complex examination of their trade operations not to violate the EU sanctions.
It is stressed that EU law obliges companies to be cautious while trading with third countries in order to guarantee that their business partners do not circumvent the EU sanctions.
The guidance contains a list of indicators that may be a sign of possible evasion of EU sanctions by new trading partners.
The exporters are advised to pay attention to such indicators as a complicated goods transportation route, non-typical documentation, a complex payment scheme, etc.
"EU sanctions are having a real impact on Russia's ability to wage war, and therefore Russia is desperately searching for ways to circumvent them. The lengths that Russia will go to get around our restrictions are increasingly complex and opaque," the European Commission explained the reason for compiling the guidance.
Background:
- The components produced by Western companies are being found in Russian military equipment more and more frequently.
- Russia imports the components through mediators in such countries as Tajikistan, the United Arab Emirates, Türkiye, China and Kyrgyzstan, none of which have implemented Western sanctions against Russia.
- Many companies that are involved in this were established after 2022.
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