The XXII Olympic Winter Games will begin on Feb. 7 in Sochi, Russia. While the Olympic tradition is supposed to be grounded in the spirit of international competition and goodwill, in reality, the Games provide a huge chance for companies and countries to make a lot of money. For this reason, there has been a seedy undercurrent of corruption and bribery associated with the Olympics in recent years. What, then, should companies who dip their toes in the frozen waters of the Winter Olympics know about corruption compliance in Russia?
According to Transparency International’s Corruption Perceptions Index for 2103, Russia ranked 127th out of 177 countries, landing it in the bottom third. To address this, the country has adopted international anti-bribery and corruption laws, similar to the U.S. Foreign Corrupt Practices Act, for the first time.