Geopolitical volatility is causing rapidly changing sanctions regimes, but diverging rules in different jurisdictions create enforcement gaps that are exploited by sanctioned individuals and entities – and the routes used to evade sanctions are constantly developing. Meanwhile, companies that are unwary or ill-informed risk high penalties.

Ruth Prickett graduated from Cambridge University with a BA hons in History and has specialized in business and finance journalism for the past 20 years. She was editor of Financial Management, the magazine...