An Overview of Sanctions and a Peek at Russian Sanctions

The news has been increasingly focused on Russia’s invasion of Ukraine and the devastation it is causing. In response to this invasion the United States and other nations have imposed sanctions against Russia. But what are sanctions and what does this mean for credit unions? This article will provide a brief overview of sanctions and an explanation of the recent Russian sanctions. This article is designed to help both BSA professionals and those less familiar with BSA and OFAC issues. As such, you should feel comfortable forwarding this article to others in your credit union that may benefit from an understanding of sanctions.