European companies still operating in Russia are scrambling to comply with a new EU sanctions provision that could significantly alter the way they do business in the country.
More than two years since Vladimir Putin ordered the full-scale invasion of Ukraine, multinationals are on the cusp of losing a carve-out that allowed them to provide their Russian subsidiaries with professional services like accounting, management consulting and legal advice.
The change in policy comes as Brussels seeks to close myriad loopholes in its sanctions against Russia — a tapestry of measures imposed in 13 different tranches since February 2022 — and limit the Kremlin’s ability to fund its war machine.
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