The energy sector has seen a huge rise in regulatory activity – both new rules and more enforcement – over the past few years. Financial compliance risks such as bribery and corruption are perennial issues in a sector with complex supply chains and operations in traditionally difficult regions. But sanctions are the issue currently dominating the news, creating rapid change and constant demands on compliance officers.
Trading in Russian oil and gas is now severely circumscribed by sanctions imposed by the U.S., EU, and U.K., adding to the restrictions long placed on Iranian oil exports. Furthermore, concern about the Russian “shadow fleet” of tankers and derivative products produced by third parties, such as India, which use Russian oil, adds complexity to supply chains.
