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The US State Department warned companies against doing business in Russia

Doing business in Russia is risky due to the measures Moscow is taking in response to sanctions, according to a business guide published by US authorities on the US State Department website. In particular, we are talking about serious legal, financial and reputational risks.

While any decisions—including whether to continue operations, suspend business operations, or exit the Russian market in accordance with applicable legal and regulatory requirements—are ultimately made by businesses, individuals, and organizations, the U.S. Government wishes to emphasize the risks associated with operating business in the Russian Federation ,” the message says .

The document says businesses risk civil and criminal penalties as they try to overcome sanctions, export controls and import restrictions imposed on Russia. Businesses were advised to conduct enhanced due diligence to mitigate such risks, which should include a thorough review of human rights mechanisms.

On February 23, the US Treasury announced new sanctions against Russia. The SDN list (“specially designated persons”) included both individuals and legal entities of the Russian Federation due to the events in Ukraine. Together, the US Treasury and State Departments imposed sanctions “on more than 500 targets ”, in addition, 90 companies are included in the sanctions list through the US Department of Commerce.

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