Navigating Trade Compliance and Export Controls in India

Many regulators and agencies in Indian Subcontinent have worked alongside the EU, UK, Japan and others to understand the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) and the U.S. Department of Commerce's Bureau of Industry and Security (BIS) 'Commodities of Concern' and 'High Priority Goods' lists from 2022 and 2023 following the Russian invasion of Ukraine.

These product lists highlighted various items such as sonar, antennas, operational amplifiers, capacitors and microprocessors organized in 4 tiers covering 45 HS Codes, all of which can be utilized on the Russia-Ukraine battlefield as drones, missiles and other military hardware.

The understanding and identification of these items by financial institutions is now considered to be expected. Furthermore, the prevalence of Asian and Indian shipping companies linked to Russia’s evasion of the oil price cap has led to a series of maritime firms being designated and added to the OFAC SDN list. Additionally, corporates trading from India have also supplied goods and items deemed as high-risk to Russian buyers, many of these potentially using trade finance instruments such as letters of credit.

Register for this complimentary webinar where our speakers will discuss: 

• Unique insights into India’s current trade patterns and their export control risks
• Latest shipping and transhipment areas of concern

How to mitigate these potential hazards in your risk and compliance screening programme