In response to Russia's invasion of Ukraine, countries all over the world began to impose fresh sanctions against Russia including the U.S. and Singapore. The restrictions consist of two parts: (1) significant financial sanctions on a range of Russian financial institutions and individuals, and (2) far-reaching export controls imposing stringent license requirements and licensing policies, and limited license exception availability, for exports of a wide range of items to Russia.
Amidst the new and ever-changing sanction announcements, it is important to understand these commercial and financial penalties and its implications for businesses. Especially as key parts of the sanctions, like the new foreign direct product rules, can affect everyday operations for businesses moving forward.
AmCham Singapore and AmCham Malaysia are delighted to partner with the U.S. Department of Commerce to host a briefing on the recently imposed sanctions against Russia, including how these sanctions may impact businesses operating in the region.