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DOI: 10.15862/23ES126 (https://doi.org/10.15862/23ES126)

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Khugaev G.V. Sanctions risk in corporate governance and business management: tools for identification, mitigation, and strategic adaptation under multi-package restrictive regimes and indirect links to Russia in global supply chains // Экономика и безопасность. — 2026, №1. — URL: https://voenvestnik.ru/PDF/23ES126.pdf DOI: 10.15862/23ES126

Sanctions risk in corporate governance and business management: tools for identification, mitigation, and strategic adaptation under multi-package restrictive regimes and indirect links to Russia in global supply chains

Khugaev Georgii Vladimirovich
PhD student (3rd year), Department of Finance, Accounting and Taxation
K.L. Khetagurov North Ossetian State University
Vladikavkaz, Russia

Abstract. Since 2024, sanctions imposed on the Russian Federation have evolved into multi-package restrictive regimes that have significantly transformed the business environment by increasing legal, financial, and operational risks for companies. Sanctions have acquired a systemic and persistent character, affected not only designated entities but also firms whose activities are indirectly linked to Russia through counterparties, origin of goods, logistics routes, or payment arrangements.
The purpose of this article is to develop a management-oriented approach to the identification, assessment, and mitigation of sanctions risks by integrating sanctions compliance into corporate governance and enterprise risk management (ERM) systems.
The methodological framework of the study is based on doctrinal analysis of sanctions regulations adopted by the European Union and the United States, comparative analysis of academic literature and analytical reports of international organizations, and system mapping of sanctions risks across contractual, financial, and operational business processes.
The results include a classification of sanctions risks (direct and indirect, primary and secondary), a risk-based counterparty due diligence model, a system of control points for transactions and supply chains, and governance-level key performance indicators for monitoring sanctions compliance. The article concludes that effective management under multi-package sanctions regimes requires a shift from reactive compliance to strategic sanctions risk management as a long-term factor of corporate resilience.
Keywords: sanctions; sanctions risk; corporate governance; sanctions compliance; global supply chains; secondary sanctions; risk management; financial de-risking; indirect links to Russia; scenario planning.

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