Click to open contact form.
Your Global Partners in the Business of Innovation

A Summary of the Latest Sanctions Against Russia

Client Updates / Mar 17, 2022

Written by Oded Kadosh, Guy Milhalter, and Austin Ochoa

Following Russia’s announcement recognizing the independence of the Donetsk and Luhansk regions in Ukraine on February 21st and Russia’s subsequent invasion of Ukraine on February 24th, the United States began issuing several rounds of wide-ranging sanctions targeting Russia and Belarus.

The following actions, which are described in further detail throughout this article, have been taken by the U.S. in response to Russia’s invasion of Ukraine:
  • On March 11, 2022, President Biden issued an Executive Order, announcing the latest round of U.S. sanctions against Russia, banning the export of luxury goods to Russia and the U.S. import of signature Russia goods, as well as restricting U.S. investment in any sector of the Russian economy.
  • On March 8, 2022, President Biden issued an Executive Order, announcing an additional round of U.S. sanctions against Russia, banning the import of Russian oil, liquefied natural gas, and coal to the U.S.
  • On March 2 and March 3, 2022, the U.S. announced additional sanctions targeting Russia and Belarus, Russian individuals and entities, and banning Russian aircraft from U.S. airspace.
  • On February 28, 2022, the U.S. announced that it would freeze Russian Central Bank assets that are held in the U.S. and impose sanctions on the Russian Direct Investment Fund.
  • On February 26, 2022, the U.S. and its allies announced their intention to remove several Russian banks from the SWIFT financial messaging system – an action that would eliminate the targeted banks’ ability to conduct basic commerce with the outside world.
  • On February 25, 2022, the U.S. issued sanctions targeting Russian President Vladimir Putin and Foreign Minister Sergei Lavrov, as well as Chief of the General Staff of the Russian Armed Forces, First Deputy Minister of Defense, and General of the Army Valery Gerasimov and Minister of Defense Sergei Shoigu.
  • On February 24, 2022, hours after Russia invaded Ukraine, the White House announced a new round of sanctions against Russia, targeting ten of Russia’s largest banks, prohibiting the ability of Russian state-owned and private entities to raise capital, and restricting certain exports.
  • On February 24, 2022, the U.S. implemented Russia-related export controls, which affect a range of items subject to the Export Administration Regulations (EAR), including restrictions on exports of nearly all U.S. items and items produced in foreign countries using certain U.S.-origin software, technology, or equipment.
  • On February 22, 2022, a day after announcing its first wave of sanctions against Russia, the White House announced further sanctions, targeting two Russian banks, the country’s sovereign debt, and several Russian individuals and their families.
  • On February 21, 2022, President Biden issued an Executive Order, announcing the U.S.’ first round of sanctions against Russia, banning certain transactions and activities involving the Donetsk and Luhansk regions in Ukraine, after Russia recognized the regions as separate to Ukraine.
  • The recent measures taken by the U.S. are part of an ongoing international response against Russia, which includes actions taken by Australia, Canada, the European Union, Germany, Japan, and the United Kingdom.

Importantly, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) has issued a number of exemptions, in the form of “General Licenses” and described in further detail throughout this article, authorizing transactions that would otherwise be blocked by the newly-issued sanctions.

The following article in the Link below, is a summary of all U.S. sanctions issued against Russia as of March 15, 2022. The following sanctions generally apply to any blocked party, as well as those parties that are owned 50% or more by a blocked party.

For the full summary by our U.S. Corporate & Licensing Practice Group >> Click Here

 

 

MEDIA HIGHLIGHTS