US May Require Companies to Disclose Impact of Ukraine Conflict, Sanctions, SEC Division Says

© AP Photo / Andrew HarnikThe U.S. Securities and Exchange Commission building in Washington is seen on Aug. 5, 2017.
The U.S. Securities and Exchange Commission building in Washington is seen on Aug. 5, 2017. - Sputnik International, 1920, 03.05.2022
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WASHINGTON (Sputnik) - The US Securities and Exchange Commission's (SEC) finance division said it may soon require companies to disclose the impact the conflict in Ukraine and anti-Russia sanctions are having on their business.
"The following illustrative letter contains sample comments that the Division may issue to companies based on their specific facts and circumstances," the SEC said in guidance note on Tuesday.
The SEC explained that US companies may soon be obligated to provide details about how their business is impacted directly or indirectly as a result of the conflict or sanctions, especially if their operations, employee base, or investments are in Russia, Belarus, or Ukraine.
US companies may also need to disclose information about their reliance on goods or services sourced in Russia, Ukraine, or in countries supportive of Russia, which may require additional information about actual or potential supply chain disruptions caused by the conflict or sanctions.
Moreover, the companies could also be required to disclose business relationships, connections or assets in Russia, Belarus, or Ukraine, according to the SEC.
The SEC did not immediately respond to Sputnik's inquiry about the matter.
On February 24, Russia said it launched its military operation in Ukraine after the breakaway republics of Donetsk and Luhansk appealed for help in defending themselves against Ukrainian forces. In response to Russia’s operation, Western countries have rolled out a comprehensive sanctions campaign against Moscow, which also includes airspace closures, and restrictive measures targeting numerous Russian officials and entities.
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