Sanctions Compliance in the IT-Sector in the Light of Modern Challenges

Sanctions are often used as an instrument of pressure on opponents in the international sphere. The impact of economic sanctions imposed on the Russian Federation has increased significantly with the onset of a special military operation in the Ukraine. The imposed restrictions create an unfavorable environment for doing business in all spheres of economic relations, especially for the IT-sector. The domestic market is experiencing stagnation of economic development with a rapidly declining share of presence in the global high-tech market, but there are a number of positive prerequisites that contribute to the growth of IT-solutions integrators. This article will highlight the types of sanctions lists and their diversified impact on the IT-industry, recommendations on further ways to minimize negative consequences by integrating sanctions compliance into the business processes of organizations, as well as the projected future of the sanctions compliance function due to a reduction in the number of restrictions imposed and the adaptation of business to current market conditions.

OFAC, sanctions, negative lists, sanctions compliance, IT-sector, international regulators, Russian economy, OFAC