RegRally Insights: Sanctions Essentials – November 2024

Welcome to monthly newsletter on Sanctions powered by ECOVIS, which is dedicated to everyone who wants to understand the latest trends and developments, get tips from our experts, and deepen their knowledge.

EU Issues New Guidance to Prevent Russian Sanctions and Export Control Evasion

The European Commission has released updated guidance to help industries identify and prevent Russian tactics to circumvent export controls and sanctions. This guidance supports businesses in protecting G7 technologies from unauthorised use, managing reputational and liability risks, and reinforcing current regulatory measures. Introduced alongside the G7's Enforcement Coordination Mechanism (ECM), which includes a dedicated Sub-Working Group for Export Control Enforcement, the guidance provides industries with a list of high-risk items, updated indicators of sanctions evasion, best practices for risk management, and resources to strengthen due diligence processes.