As of February 24, 2023, FATF sanctioned Russia and suspended its membership. This means that non-financial sector reporting parties on matters of prevention of asset laundering and terrorism financing must apply intensified due diligence measures in commercial relations and transactions with nonresident Russian citizens, by virtue of the provisions of article 13 of Decree 379/2018. Pursuant to the said rule: “Intensified due diligence measures must be taken pursuant to the provisions of the chapter corresponding to each sector, for the categories of high risk customers, commercial relations or transactions, such as: A) Commercial relations and transactions with nonresident customers coming from countries that are not members of the International Financial Action Task Force (FATF) or of one of the similar regional groups… or from countries being subjected to special measures by such groups due to nonapplication or insufficient application of FATF recommendations….”
