U.S. threatens companies with significant penalties for deliveries to Russia and Iran

"There are going to have to be some penalties that get everyone's attention," said Axelrod.

This is aimed at preventing future violations involving countries such as China, Russia, and Iran.

Companies started paying fines in advance

Axelrod mentioned that he is considering the $300 million fine paid by Seagate Technology in April for supplying over 7 million hard drives to the Chinese company Huawei, in violation of U.S. export control laws, as an "advance payment."

"You can expect to see more big-ticket corporate resolutions going forward," he said.

Last year, U.S. Deputy Attorney General Lisa Monaco described a more aggressive application of export controls and sanctions for national security purposes, stating that sanctions represent a new Foreign Corrupt Practices Act (FCPA).

Companies need to invest in security

Axelrod said that, in his opinion, Monaco meant that she wants companies to invest in compliance with the regulator's requirements.

"She wants companies thinking about their national security risk the way they think about their FCPA risk," he said.

Axelrod also mentioned that the legal pursuit of Siemens AG, based in Munich, several years ago for providing bribes to foreign government officials led to compliance with FCPA requirements.

Russia trying to bypass sanctions

It has been reported that companies in Finland were sending goods to Russia used in military equipment. The customers of these companies have connections to Russian services and the defense sector.

Recently, the United States imposed new sanctions against Russia. The assets of the Russian Ministry of Defense were among the restricted entities.

At the end of December, U.S. President Joe Biden signed an executive order to strengthen sanctions against financial institutions assisting Russia.