The U.S. Justice Department started a task force focused on enforcement of sanctions and export control restrictions imposed on Russia for its invasion of Ukraine.

But unwinding holdings—most of which are in index funds, not direct investments—is complex and could mean losses, as these assets are trading at deep discounts and liquidity is scarce.

"Technically it might be difficult to pay," as platforms that typically facilitate transactions have closed access to Russia, as a result of the invasion of Ukraine.

Concrete steps taken today can help mitigate the impact the crisis will have on your organization. They can also lay the groundwork for long-term improvements in key treasury processes.