G7 guidance on preventing evasion of export controls and sanctions imposed on Russia
Aims to to protect common high priority list items from misappropriation, prevent reputational harm, and mitigate liability risk
The Group of Seven (G7)—Canada, France, Germany, Italy, Japan, United Kingdom, United States, and the European Union—today issued its first-ever joint guidance aimed at preventing the evasion of export controls and sanctions imposed on Russia.
According to today’s BIS release, the goal of the joint guidance is to protect common high priority list items from misappropriation, prevent reputational harm, and mitigate liability risk, while supporting the continued success of coordinated export controls and sanctions.
The joint guidance outlines the following priority areas:
- Items that pose a heightened risk of being diverted to Russia
- Red flag indicators of potential export control and/or sanctions evasion
- Best practices for industry to use to address these red flags and conduct enhanced due diligence