On March 11, 2022, President Joseph Biden issued an Executive Order (EO) announcing further prohibitions on imports, exports and new investments related to Russia. This announcement was made at the same time that the president and the other G7 leaders of Canada, France, Germany, Italy, Japan and the United Kingdom, as well as the European
OFAC
Summary of Recent Financial and Comprehensive Sanctions Related to the Ukraine-Russia Crisis
Key Notes:
- OFAC implemented blocking and other sanctions against major Russian and Belarusian financial institutions.
- OFAC implemented blocking and other sanctions against state-owned enterprises, prominent government officials and other persons or entities.
- OFAC implemented blocking sanctions targeting involvement in the Nord Stream 2 pipeline.
- OFAC implemented sanctions related to Russian government debt.
- The United States
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President Biden Bans Imports of Russian Oil, Liquified Natural Gas and Coal
On March 8, 2022, President Joseph Biden signed an Executive Order banning the import into the United States of Russian oil, liquefied natural gas, and coal. The Executive Order bans:
- The importation into the United States of Russian-origin crude oil; petroleum; petroleum fuels, oils, and products of their distillation; liquefied natural gas; coal; and coal
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State Department and OFAC Sanction Russian Defense Entities
On March 3, 2022, the State Department announced that the United States was sanctioning certain Russian companies deemed to design, develop, and produce items that the Russian military is using to attack Ukraine. Specifically, the following 21 entities are being designated pursuant to E.O. 14024, because “they are persons who operate or have operated in…
President Biden Announces Sanctions on “Russian Elites” and “Intelligence-Directed Disinformation Outlets”
On March 3, 2022, President Joseph Biden announced that the United States was sanctioning an extensive list of “Russian elites” and their family members. In a White House press release, the president stated that, “[t]hese individuals and their family members will be cut off from the U.S. financial system, their assets in the United…
OFAC Issues Clarifying Guidance on Its Russia Sanctions and Amends Several General Licenses
On March 2, 2022, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) provided clarifying guidance on the implementation of several of its sanctions involving Russia. In doing so, OFAC noted that since implementation of the sanctions, “Russia has taken steps to use exporters to act as their agents and help them raise…
OFAC Sanctions Russian President Vladimir Putin and Additional Russian Financial Institutions
On February 25, the Office of Foreign Assets Control (OFAC) placed on the Specially Designated Nationals (SDN) List Russian President Vladimir Putin, Foreign Minister Sergei Lavrov, Minister of Defense Sergei Shoigu and Chief of the General Staff of the Russian Armed Forces, First Deputy Minister of Defense, and General of the Army Valery Gerasimov. Specific…
OFAC Further Expands Sanctions Against Belarus and Russia’s Financial Sectors
On February 24, 2022, the Department of Treasury’s Office of Foreign Assets Control (OFAC) again expanded sanctions against Russia in response to its invasion of Ukraine by designating numerous Russian and Belarusian financial institutions to the Specially Designated Nationals and Blocked Persons (SDN) List, and Russian financial institutions to the Non-SDN Menu-Based Sanctions (MBS) List…
President Biden Sanctions Nord Stream 2 AG as a Result of Russia’s Invasion of Ukraine
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On February 23, 2022, President Joseph Biden released a statement announcing that the United States was imposing sanctions on Nord Stream 2 AG and its corporate officers. Effectively immediately, Nord Stream 2 AG has been designated and placed on the Department of Treasury’s Office of Foreign Assets Control (OFAC) Specially Designated Nationals (SDN) List.
- NORD
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OFAC Implements Additional Sanctions on Russian Financial Sector and Individuals
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On February 22, 2022, the Office of Foreign Assets Control (OFAC) expanded sanctions against Russia through blocking sanctions against two major Russian state-owned financial institutions, additional restrictions on Russian sovereign debt, sanctions on five Putin/Kremlin-connected elites, and the designation of several vessels. This follows the issuance of comprehensive sanctions on the territory recognized by Russia…