On September 24, 2024, the G7 countries released new joint guidelines for the industrial sector. This document is crucial in helping businesses identify risks associated with circumventing export restrictions targeted at Russia’s defense industry.
The goal of the guidance is to protect common high-priority list items from misappropriation, prevent reputational harm, and mitigate liability risk, all while supporting the continued success of coordinated export controls and sanctions. This approach has been vital since February 24, 2022.
– Goods at high risk of re-export to Russia
– Updated “red flag” indicators for potential evasion of export controls and/or sanctions
– Best practices for industries to address these “red flags”
– Tools and resources for screening that assist in exercising due diligence
The guidelines clearly explain regulators’ logic and their expectations for companies under their jurisdiction. Manufacturers in Canada, Japan, the UK, the US, and the EU should consider integrating these recommended practices into their operations to meet regulatory requirements and avoid potential violations of sanctions.
Information source.
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