Sunday, July 21, 2024

Beware of trying to export sensitive technology to Russia

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Canadas financial intelligence agency and European allies are looking into attempts to export sensitive technology to Russia in defiance of sanctions imposed on Moscow

Canada’s financial intelligence agencies and European allies are focusing on efforts to export sensitive technology to Russia in defiance of sanctions imposed on Moscow. The warning comes in a new joint advisory from the Financial Transactions and Reports Analysis Center of Canada, known as Fintrack, and related organizations in the Netherlands and Germany.

The agencies say they received reports of such illegal activities from various sources after Russia’s full-scale attack on Ukraine in 2022. Individuals and organizations attempting to circumvent embargoes and export control systems are also adopting similar tactics.

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This advisory is given in respect of banks and other financial institutions and related activities. These activities may be related to procurement of goods for illegal export. The specific purpose of the advisory is to prevent the Russian Federation from obtaining technologies and products necessary for its armed forces and security industry.

The advisory was prepared by the three countries’ financial intelligence units in consultation with the US Treasury Department’s Financial Crimes Enforcement Network. Materials of concern include microelectronics and materials related to wireless and satellite communications.

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