Tricky but doable: Tips for navigating sanctions in third-party relationships
Navigating compliance with the wide array of sanctions imposed by governments around the world has always been tricky.
Russia’s war in Ukraine has ramped up the risks associated with sanctions violations, experts said Thursday during a session at Compliance Week’s virtual Third-Party Risk Management and Oversight Summit. Panelists Stephanie Brown Cripps, counsel at law firm Freshfields Bruckhaus Deringer, and Izak Rosenfeld, associate general counsel for nonprofit Access Now, each predicted sanctions enforcement will be a major trend in 2023 and beyond.
“You can see … the size of penalties and the volume of cases increasing,” Rosenfeld said. “All signs point to increased enforcement.”