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Abstract
This paper explores the three main axes by which Russia has evaded Western sanctions: geopolitical realignment, de-dollarisation and export control circumvention. By analysing these evasive techniques, this paper provides recommendations for financial institutions on how to effectively address these risks. It argues that, while banks and financial intermediaries play a key role in detecting illicit activities, the complexity of the task requires a concerted effort involving regulatory bodies, national security agencies and improved information-sharing networks
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Author's Biography
Owais Arshad is the Director, Global Economic Sanctions Advisory at the Royal Bank of Canada. He was previously a management consultant in which capacity he advised clients on geopolitical developments, sovereign risk, trade and international markets. He frequently speaks at industry fora on emerging risks and sanctions. His writings have been published in Nikkei Asia, Al Jazeera, The New Arab and Euromoney.