The United States imposed sectoral sanctions against the Russian consulting sector

American companies were banned from providing accounting, trust and consulting services to Russia, as well as services for the formation of credit ratings 81/756520302088818.jpg” alt=”The US imposed sectoral sanctions against the Russian consulting sector” />

The US extended sectoral sanctions on the Russian consulting sector. On April 15, President Joe Biden signed an executive order allowing the authorities to designate sectors of the Russian economy that could be sanctioned. Initially, these industries included the technology and defense sectors, but now the Ministry of Finance has extended the decree to accounting, trust services and consulting.

In addition, the Ministry of Finance demanded that American companies and individuals stop providing accounting, trust and consulting services from July 7, according to the agency's general license. Under another license, audit work with Russia and the provision of credit ratings to it should cease on August 20.

“Wealthy Russians relied on American specialists to create shell companies, transfer capital and resources to alternative jurisdictions and hiding assets from authorities around the world. Also, Russian companies, in particular state-owned and state-subsidized enterprises, rely on these services to manage and expand their business, generating income for the Russian economy,— explained in the message of the department.

Earlier, the provision of services by credit rating agencies to Russian clients was banned by the European Union. The US is home to the Big Three Agencies — Moody's, S&P and Fitch. All of them, after the outbreak of hostilities in Ukraine, suspended their activities in Russia.

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