Russia Sanctions Bring Compliance Headaches For US Banks

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By Al Barbarino (February 24, 2022, 8:51 PM EST) — U.S. sanctions against Russia for invading Ukraine will help ostracize the Kremlin from the global financial system, but American financial institutions could face steep costs and compliance burdens as they’re quickly forced to screen and report on a complex network of blacklisted regions, entities and individuals.

In a national address on Thursday, President Joe Biden unveiled a number of “severe” sanctions on Russia to cut the country off from financial markets, announcing new restrictions on the country’s largest banks and additional members of Russian President Vladimir Putin’s inner circle.

The U.S. earlier this week had rolled out a range of sanctions that blocked…

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