All Russia articles
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News Brief
Unisys, three other firms fined a combined $7M for underplaying damage from SolarWinds hack
Four current or former public companies will pay a total of nearly $7 million in fines to settle charges by the Securities and Exchange Commission that they underplayed or failed to disclose material information about how the SolarWinds Orion hack affected them.
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News Brief
DOJ proposes rule that would block sale of Americans’ personal data to Chinese, Russian firms
The Department of Justice (DOJ) has proposed a new rule that would regulate the use of Americans’ personal information by foreign companies and foreign persons in six “countries of concern,” prohibiting and restricting the sale of data to thwart the use of data for cyber-enabled activities, espionage, coercion, influence and ...
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News Brief
FinCEN, OFAC sanction crypto platforms linked to Russia, cybercrime
U.S. and European law enforcement agencies have announced sanctions against two Russia-linked cryptocurrency platforms in their ongoing chase to snuff out Russian-linked financial platforms that assist cybercriminals.
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Premium
How lax compliance led three defense companies to give military secrets to U.S. adversaries
There are dozens of ways foreign countries can get their hands on U.S. military secrets, including cyberhacking, espionage, theft, and more. But one increasingly concerning way has been through unintentional disclosures by trusted defense contractors, including Boeing, 3D Systems Corp., and RTX Corp., parent company of Raytheon.
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Premium
Raytheon parent to pay $200M in fines, remediation over export control violations
RTX Corp., the parent company of Raytheon, agreed to pay $200 million in fines and remediation to address hundreds of export control violations that led to the disclosure of sensitive military secrets.
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News Brief
State Street to pay $7.5M to settle Russia sanctions violations by subsidiary
State Street Bank & Trust Co. will pay a $7.5 million fine to settle allegations by the Treasury Department’s Office of Foreign Assets Control that a subsidiary violated sanctions against Russia.
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News Brief
OFAC sets Aug. 2 deadline for firms to report Russian sovereign assets
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
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Article
SEC: Companies must adequately disclose financial impact of Russia’s war on Ukraine
The Securities and Exchange Commission is warning public companies they must accurately and adequately disclose the material impact on their business caused by Russia’s war against Ukraine.
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Article
EU industries put to test as Russian invasion of Ukraine persists
Less than two months since Russia invaded Ukraine, a range of industries across Europe have issued stark warnings about supply chain shortages, production shutdowns, and price hikes. The worst may still be yet to come, particularly in Germany.
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Article
ICA Insight: Russia sanctions frequently asked questions
Jake Plenderleith of the International Compliance Association answers selected questions from attendees of a recent ICA webinar on Russian sanctions intended to help provide clarity on what firms can do to protect themselves from exposure.
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Article
PCAOB urges auditors assess widespread implications of Ukraine crisis
Auditors must emphasize continuous monitoring and reassessment of relevant implications in navigating the economic climate following Russia’s invasion of Ukraine, according to guidance from the Public Company Accounting Oversight Board.
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Article
Q1 roundup: SEC tackles climate disclosures, businesses navigate Russia restrictions, more
Regulation and guidance from U.S. agencies and the White House, plus compliance challenges stemming from a two-year global pandemic and Russia’s ongoing invasion of Ukraine, made the first quarter of 2022 a novel risk environment for regulated businesses.
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Article
Treasury official: Compliance has chance to effect history with Russia response
Elizabeth Rosenberg, assistant secretary for terrorist financing and financial crimes at the Treasury Department, said in a speech “history has thrust the compliance sector into the center of events” regarding business response to evolving sanctions and actions against Russia.
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Article
SolarWinds hack turning into Pandora’s box of cyber-risk
The more we learn about the SolarWinds hack, the more troubled compliance officers should be by the scope and breadth of the risks their companies might have incurred.
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Article
Cyber-security lessons from the SolarWinds hack
The lessons from the massive SolarWinds hack on where vulnerabilities still lurk in the third-party vendor supply chain cannot be grasped soon enough.
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Article
McDonald’s handling of ex-CEO scandal gets compliments, criticism
A fresh podcast from the Theranos whistleblower and a new compliance association for Black practitioners get a round of applause from us this week, while a complicated case involving McDonald’s lands the company on both the “Nailed It” and “Failed It” lists.
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Article
Standard Chartered fined $24.9M for Ukraine sanctions breaches
The U.K. Office of Financial Sanctions Implementation hit Standard Chartered Bank for a record fine relating to loans the bank made to Russian financial institutions in violation of the EU’s sanction regime.
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Article
Juniper settles FCPA case with SEC for $11.7M
Juniper Networks has reached an $11.7 million settlement with the SEC for violations of the Foreign Corrupt Practices Act concerning its sales practices in Russia and China.
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Article
International Flavors and Fragrances discloses bribery investigation
International Flavors and Fragrances says it is investigating potential improper payments made in Russia and Ukraine by an Israeli-based company it acquired last year.
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Blog
Treasury lifts sanctions on Rusal, En+, ESE
The U.S. Department of Treasury announced that it has lifted sanctions on three companies controlled by Russian oligarch Oleg Deripaska: power company EuroSibEnergo, aluminum producer UC Rusal, and Rusal’s parent company, En+ Group. Following this news, En+ Group announced an overhaul of its board of directors.