NeuGroup News

Response to Russia Sanctions: Bringing Members Together

By April 1, 2022No Comments

Weekly sessions offer a venue to share knowledge, ask questions and hear expert insights on sanctions, counter-sanctions and more.

Experts may argue about the effectiveness of economic sanctions imposed by the US and EU in response to Russia’s unprovoked invasion of Ukraine. But there’s no debating that sanctions and counter-sanctions have forced finance teams at some of the world’s largest corporations to tap every resource at their disposal—including lawyers, bankers, colleagues and peers at other companies—to do their jobs as events and rules change rapidly, sometimes by the hour. And those jobs have become in many cases more, not less, difficult as businesses race to halt operations or pull out of Russia.

NeuGroup is proud to be playing a supporting role in this group effort as our members strive to meet the challenges they face. On Feb. 2, NeuGroup held the first special session of what have become weekly, members-only meetings on the crisis, bringing treasury professionals together to ask questions, compare notes and discuss sometimes conflicting information about what companies can and cannot not do to comply with sanctions and counter-sanctions while continuing to pay employees, tax authorities and suppliers.

  • So far, more than 250 finance professionals at 120 member companies have attended these sessions, which are run by Paul Dalle Molle, a senior executive advisor at NeuGroup whose extensive experience in European banking has made him an ideal moderator. Paul and Scott Flieger, senior director of peer groups, have brought in bankers and attorneys with deep experience with sanctions; they include Susan Rodihan Dupuy, managing director and head of OFAC sanctions compliance at Société Générale and Adam M. Smith, a partner at Gibson Dunn and a former senior advisor to the director of the US Treasury’s Office of Foreign Assets Control (OFAC).

NeuGroup will continue to provide a forum for sharing insights and information as long as necessary—that is, as long as our members derive value from these special sessions where they are free to ask and say anything that helps them confront a situation that, sadly, shows no signs of ending anytime soon.

If you’re interested in attending one of NeuGroup’s Russia crisis sessions, please click here.

Justin Jones

Author Justin Jones

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