Cooperation with contractors from aggressor countries and business with Russia and Belarus are undoubtedly risky, due to the extremely high probability of occurrence:
- negative financial consequences;
- operating losses;
- damage to reputation.
This is primarily due to the application of Ukrainian and international sanctions (USA, EU, UK, Canada and other countries).
Business risk can be:
- asset freeze;
- financial risks in business, limitation of financial and business transactions;
- prohibition of foreign economic activity, transit and transportation;
- cancellation of licenses and permits;
- entry ban;
- cessation of cultural, scientific and other exchanges.
We see how this is already being applied today and is destroying Russian and Belarusian businesses.
Often the mechanism of sanctions is designed in such a way that prohibitions and restrictions automatically apply to those who cooperate with companies under sanctions. Thus, these companies: Russian, Belarusian and all persons associated with them become "toxic".
In most cases, counterparties of a company that has been sanctioned are deprived of the opportunity to conduct any transactions with it: banks that carry out financial transactions effectively identify such risks due to modern analytical systems and block or even freeze financial assets. This entails the inevitable destabilization of such risky business.
Cooperation with any business from these countries means indirect support for international aggression, since military spending is funded by their taxes.
Such cooperation also draws the attention of law enforcement and control agencies. These authorities can conduct more detailed checks and find violations that were not so obvious before.
Due to open data sources and the media, the facts of such cooperation become public. Against the backdrop of general condemnation of the war in Ukraine, this spoils the image of companies that cooperate with businesses from aggressor countries. People around the world condemn the war, so their motivation to work in such companies is significantly reduced and business efficiency becomes low.
It all comes down to the fact that companies that want to work and develop should refuse any cooperation with enterprises from Russia and Belarus, their beneficiaries and partners. Right now.
Ignoring the situation and continuing business interaction with the occupiers today is equated with complicity in crime!
News 9 April 2021
Data on Fines from the Antimonopoly Committee of Ukraine Are Now in the Express Analysis
The Express Analysis from YouControl now shows fines from the Antimonopoly Committee of Ukraine (AMCU) for violating the rules of economic competition. Previously such information had to be sought in the official public announcements of the AMCU, now it can be checked in YouControl in 30 seconds. The tool will be useful to automate the process of checking a counterparty during tenders.
Blog 25 March 2021
Risks of Cooperation with Counterparties from Countries with a High Level of Corruption
The location of participants or beneficiaries of a company in the so-called risky jurisdictions attracts special attention of the National Bank of Ukraine (NBU) within financial monitoring. We devoted a separate article to this factor. You will find the whole series of articles on risk factors and the provisions of the Law on Financial Monitoring at the end of this article. The Corruption Perceptions Index is a global ranking of countries concerning their corrupt practices.
Blog 19 March 2021
Risks of Cooperation with Tax Evaders
Debts to the Tax Service are one of the risk factors according to the National Bank of Ukraine (NBU). The Express Analysis from YouControl draws your attention to this factor while checking a counterparty and works out if a company has a tax debt for the last available period. We are explaining what this means and why you need to be especially careful while working with such a counterparty. A tax debt is the amount of monetary obligation not paid by a taxpayer in a timely manner.