Heartland Initiative, working with investors and civil society partners, advocated and provided technical support for the U.S. Government’s Russia Business Advisory (Risks and Considerations for Doing Business in the Russian Federation and Russia-Occupied Territories of Ukraine) concerning the salient human rights and financial material risks associated with business activities in Russia and Russia-occupied territories of Ukraine.
The U.S. Department of State, the U.S. Department of the Treasury, the U.S. Department of Commerce, and the U.S. Department of Labor issued this business advisory to help ensure that businesses, individuals, and organizations have the information necessary to inform their considerations regarding the range of heightened risks associated with doing business in or engaging in transactions involving the Russian Federation or Russia-occupied territories of Ukraine. This includes business activities that involve the Russian military-industrial base that may not otherwise be directly addressed by sanctions, export controls, or other trade restrictions.
Businesses, individuals, financial institutions, and other persons—including investors, consultants, non-governmental organizations, and due diligence service providers that operate in or have value chains linked to the Russian Federation or the areas it occupies in Ukraine face significant operational, legal, economic, and reputational risks associated with their Russian business operations and relationships. Conducting heightened due diligence can, in many cases, help to reduce or mitigate these risks and facilitate increased transparency to all stakeholders regarding such risks.