If you were wondering why the Financial Action Task Force (FATF) did not recently place RUSSIA on either its list of Countries of Heightened Concern (the "Grey List') or its Blacklist, notwithstanding Russia's close military ties to Iran and North Korea (DPRK), it was because such action requires Member consensus, and the BRICS countries did not agree to such action. Russia does, however, remain suspended from its FATF membership, due to the UKRAINE INVASION.
This might be an appropriate time to remember that it is the BRICS countries that still maintain a relationship with Russia, and have failed to condemn Russia for the war in Ukraine. Compliance officers at Western banks should keep that mind when encountering transactions that might possibly be clever indirect sanctions evasions involving Russia.
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