Few in Number, Russia Sanctions Require Outsize Lifting by Compliance Departments

By Vanya Dragomanovich

Although sanctions on Russian nationals and companies might seem fairly innocuous at first blush, compliance departments at European banks are finding the task of identifying designees unusually difficult, say legal experts. Since March, the United States has blacklisted 31 individuals and one financial institution, Bank Rossiya, for their alleged support of the Russia's February invasion of the Crimean peninsula. The European Union has designated 33 individuals, many of whom are included on the U.S. blacklist. The restrictions come in addition to similar asset freezes targeting former Ukrainian officials. Given that European and U.S. banks have a much higher level of...