Mission Critical Compliance: Russian Sanctions
March 28, 2022 Author: The Team at Global Wizard
The biggest topic in the global news arena has recently shifted from COVID-19 to Russia and its invasion of Ukraine and the humanitarian crisis. For US exporters, new, additional and worrisome compliance issues are now added to the supply chain snags and materials shortages.
As of February 24, 2022, the Bureau of Industry and Security implemented a series of stringent export controls that will severely restrict Russia’s access to technologies and other items that it needs to sustain military capabilities.
Reviewing the provided Fact Sheet, the new Commerce Control List (CCL)-based license requirements for Russia adds new license requirements for all Export Control Classification Numbers (ECCNs) in Categories 3-9.
As the situation has progressed, we have been constantly monitoring this situation to ensure our customers can stay compliant.
- Global Wizard is up to date with all import and export sanctions for shipments as well as our Restricted Persons database for those entities who become listed in sanctioned databases.
- We are continuously receiving updated SDN records under list code EORU, and the Non-SDN under NSMBS for our Restricted Persons database.
As always, reach out to us for any support on compliance issues and the effect of the Russia-Ukraine crisis on export compliance.
And if you are not currently using our Denied Parties Screening software, let us demo the power and accuracy of this Glocal Wizard product.
If you’re looking for an export compliance application, we are always here to answer questions you may have to keep your business export compliant in such a volatile time.
For additional and up-to-date information on the export sanctions against Russia, please see the Export Administration Regulations: Implementation of Sanctions against Russia.