The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) and the Commerce Department’s Bureau of Industry and Security (BIS) warned financial institutions to be on the lookout for new and novel ways individuals and entities in Russia and Belarus are attempting to evade export controls.
The agencies issued a joint alert Tuesday outlining red flags that could indicate attempts at evading sanctions. The BIS has instituted a number of export controls since Russia invaded Ukraine in February, mostly targeting Russia’s defense, aerospace, and maritime sectors; energy production; and luxury goods used by Russian elites.
