Published on: 14 December 2022
Hungary and Serbia have agreed to build a pipeline to supply Serbia with Russia’s crude oil as European Union sanctions limit supplies via Croatia, the Hungarian government has announced. This act is being seen by many as literally fueling the war in Ukraine leaving many companies wondering how best to implement an effective sanctions regime within their supply chains. Whilst this is not yet a realised risk, it does mean that policy makers need to anticipate similar moves that might circumvent sanctions in play.
Says Jaya Chakrabarti, CEO of TISCreport, “The best place to start is to analyse your suppliers to understand not just whether they have direct links to sanctioned entities, but also more about what they are importing and exporting. This data exists in public and TISCreport is matching it against corporate entities in the context of their group structures.”
Sanctions are blunt instruments unless corporates are quick to follow with their own measures within their supply chains. Whilst the sanctions landscape will continue to change with world events, there are ways to increase the resilience through your choice of suppliers. If you would like to confirm your tier 1 suppliers are “sanctified” simply sign up to tiscreport.org and add the Sanctions data set, which is available on a pay-what-you-can basis. As a social enterprise it is our commitment to make sure that everyone can afford to #DoTheRightThing.