Russian invasion of Ukraine: Understanding sanctions on Russia

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In the second of four episodes covering the implications of the war in Ukraine, we focus on understanding the nature of sanctions that have been imposed on Russia, and their implications for businesses.

Heather Horn was joined by Eric Lorber, a principal in PwC’s Cyber, Risk & Regulatory Consulting Solutions practice and Jeannette Chu, a Managing Director in PwC’s Export Controls and Trade Sanctions group, who took a deep dive into US and other government sanctions, with some important insights for finance professionals to consider.

In this episode, you will hear:

• 3:12 - The reasons countries have moved quickly and in a multilateral fashion to enact current sanctions
• 6:03 - Comparison of the current sanctions with those imposed on Russia in 2014
• 12:26 - Overview of the different categories of restrictions that have been put into place since the beginning of the conflict
• 16:03 - Explanations of specific export and import controls
• 19:50 - Perspectives on the challenges of sanctions for companies and what’s driving the most compliance questions
• 26:44 - What potential expulsion from the G20 would mean for Russia, and discussion of the overall intent and objectives of the sanctions
• 34:54 - Viewpoints on the effectiveness of sanctions in achieving the desired result
• 41:14 - Important next steps for the finance organization, including reviews of compliance programs and other key action items

Want to learn more? Check out our previous podcast covering the geopolitical implications of the war in Ukraine.

Eric Lorber is a Principal in PwC’s Cyber, Risk, & Regulatory practice who advises financial institutions, fintech firms, and other global clients on issues related to compliance with sanctions, anti-money laundering, and anti-terrorism financing rules. Prior to joining PwC, he was a senior advisor to the Undersecretary for Terrorism and Financial Intelligence at the United States Department of the Treasury.

Jeannette Chu is a Managing Director in PwC’s Export Controls and Trade Sanctions group, helping companies address compliance risks and challenges. She was formerly a senior US diplomat with leadership positions at the US mission in China for over twelve years, serving as the key subject matter expert on a broad range of complex policy issues, including strategic trade, export controls, and immigration. 

Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected].