- My company has ongoing business in Russia, how should I act?
Companies have a great responsibility to stay informed and comply with the sanctions against Russia. You must also note that the sanctions regime is changing continuosly. Navigating rules related to sanctions is often a complex matter, which is why we recommend that you contact a lawyer specialised in sanctions. You should also discuss with your bank whether they are in a position at all to manage any form of transactions with Russia.
- We have received new business orders from customers in Russia – what should we do?
Agree on your company's view on how to handle these types of inquiries to comply with legal restrictions as well as your ethical and moral stance on the issue of doing business with Russia under the present circumstances. In light of the war in Ukraine, decisions that were previously considered purely operational now have strategic meaning with potential long-term repercussions for your business. Your decisions must comply with the sanctions, the company's policy, and the practical possibilities of proceeding with new business deals. You also need to stay up to date as business conditions can rapidly change. The sanctions are extensive and apply to companies as well as individuals and products. Sanctions from the UN, the EU, the UK, and the US may wel affect your business.
We recommend that you get legal advice from lawyers specialising in sanctions compliance and that you contact your bank, logistics carriers, and insurance provider.
- Where can I find information on current sanctions against Russia and Belarus?
Several sanctions packages have been imposed in a very short period of time against both Russia and Belarus. More changes may come at short notice, which is why staying informed is imperative right now. You will find a summary of the EU's sanctions package at the following links:
EU restrictive measures in response to the crisis in Ukraine - Consilium (europa.eu)
Restrictive measures against Belarus - Consilium (europa.eu)
The National Board of Trade Sweden is, in Sweden, responsible for trade sanctions and financial sanctions imposed by the UN or the EU:
Sanctions against Russia | National Board of Trade (information in Swedish)
ISP - The Inspectorate of Strategic Products is responsible for certain permits under the sanction regime:
Sanctions related to Russia and the Ukraine - ISP
Find out more about US sanctions at the US Office of Foreign Assets Control - Sanctions Programs and Information | U.S. Department of the Treasury
- Are transport routes to/from Ukraine, Russia and Belarus still operational? Ukraine is now a war zone and so the transport situation is very difficult. In Russia and to some extent Belarus, several container lines have suspended theri shipping of most types of goods. Air freight has limited capacity and higher prices levels, and land-based transport is somewhat affected. Please consult your carrier before promising any deliveries and carefully review delivery terms and insurances. Prepare for the fact that circumstances may change at very short notice.
- I want to send aid materials to Ukraine - how do I proceed?
We recommend individuals and companies to contact established aid organisations who can coordinate aid in the best way - UNHCR, UNICEF, the Red Cross, for example. There is often an opportunity offer practical assistance if you so wish.
- My company has entered into agreements with Russian customers and new deliveries are underway. Will we get paid?
Contact your bank to discuss how/if they handle transactions with Russia. Due to the financial sanctions, it is currently very difficult to manage payments.
- My business has extensive exports to Russia and has previously used EKN to insure the risk of not getting paid. Will I be able to do this in the future?
Due to Russia's invasion of Ukraine, which was launched from several border fronts including Belarus, EKN has decided to review its country policy for these three nations.
The review means that all guarantees linked to Russia, Belarus and Ukraine will be suspended for the time being, both regarding existing businesses and new deals. For more information, please contact EKN.
Explore our answers to frequently asked questions.