- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2024-05-20T15:21:00
Information technology services company DXC Technology disclosed it received word from two U.S. agencies that it won’t be penalized regarding potential Russian sanctions/export control violations it voluntarily self-disclosed in 2022.
The company received a warning letter from the Commerce Department’s Bureau of Industry and Security (BIS) and a cautionary letter from the Treasury Department’s Office of Foreign Assets Control (OFAC) in January and March, respectively, DXC reported in a regulatory filing Friday. The letters were sent in lieu of enforcement actions by the agencies, and both matters are now closed, DXC said.
DXC self-reported to the agencies regarding its sale of Luxoft’s Russia business to IBS Holding in April 2022 as part of its exit from the country following Russia’s invasion of Ukraine. Luxoft is a global digital and engineering firm DXC purchased in 2019.
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