Ensuring the Sovereignty of Legal Compliance in the New Environment: Challenges and Opportunities

Russian companies have encountered a large number of new risks in recent years. These have manifested themselves particularly acutely in the form of sanctions, regulations put in place to counter sanctions, and numerous new developments and amendments that have appeared in Russian legislation over the past six months. Given the current period of political and economic turbulence, the already constantly changing fields of law and compliance are experiencing the impact of new challenges that require a rapid response. Compliance offers a key method for preventing legal risks, following as it does emerging risks and challenges. It then transforms in line with the requirements of the time and the needs of the corporate sector. Rapid adaptation to new developments in legal regulation pertaining to certain sectors (such as corporate law, tax law, etc.) is turning into an issue of paramount importance. Just as important, however, are fundamental changes to concepts of ethics and morality, and a departure from directly borrowing values from Western practices. How is compliance changing today? What best world practices can be applied taking into account the legal principles and mentality of the country's citizens?