How Can Importers Avoid Getting Caught in the New US-Russia Sanctions?

Complying with US sanctions on Russia can be complex and costly, as companies must ensure they do not engage in prohibited activities and maintain documentation of their compliance efforts. This may involve researching the ownership structure and business dealings of suppliers and conducting due diligence before entering into business relationships. To prove sanctions compliance, companies must also be able to track the provenance of goods, which can be challenging due to the inaccuracy of data and the use of email and PDF attachments. To lower the cost of compliance, companies may need to adopt novel approaches that go beyond traditional methods.