Kamaraju Discusses Economic Sanctions Trends
Pryor Cashman Partner Sidhardha “Sid” Kamaraju, co-chair of the Regulatory Enforcement + Securities Litigation Practice, spoke with Law360 about what to expect in economic sanctions during the rest of 2023.
In “5 Evolving White Collar Enforcement Trends To Watch,” Sid talks about how the ongoing war in Ukraine and changes in the U.S.-China relationship are playing out in the United States’ approach to sanctions:
“For a long time, sanctions were a bit more predictable because they dealt with countries like North Korea that had been on sanctions lists for decades,” said Sidhardha Kamaraju, co-chair of Pryor Cashman LLP’s regulatory enforcement and securities litigation practice in New York.
“Now, with what’s happened with Russia and what’s happening in China — these countries that are integral to the world economy — we’re seeing a lot more activity in the sanctions realm, and it’s more aggressively and more broadly applied,” he said.
The Treasury Department announced in May that it was imposing more than 300 sanctions on 22 individuals and 104 entities in a wide range of industries as part of an effort to punish Russia for invading Ukraine.
“A lot of the traditional [sanctions] issues that big manufacturing companies have been dealing with for a long time, you’re now starting to see that in the information technology, architecture and fashion industries,” Kamaraju said. “A lot of companies are grappling with this issue in a way that they haven’t had to before.”
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