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New highs for compliance risk
Economic measures to cut Russia off from the world’s financial arteries are the most extensive seen since the Second World War. Yet as governments fire out amendments, clarifications and heavily worded ‘FAQs’ nearly every day to patch the hastily-issued legislation, large sections of the shipping industry working without in-house compliance teams have struggled to keep pace.
The Western response to Russia’s invasion of Ukraine may be broadly aligned in terms of political objective, but the detail differs significantly, regimes often overlap, and inconsistencies are acknowledged across the board. Add in the erratic mix of enforcement appetites, jurisdictional grey areas and calculations of blocking statutes being employed as the financial world fractures in line with regional political alliances, and it becomes clear that a global sanctions compliance minefield is being laid in the path of an industry that, with minimal exceptions at the top, has not kept pace with the compliance monitoring forced upon other sectors.
Read more in the white paper.
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