On September 19, 2023, the Department of Commerce’s Bureau of Industry and Security (BIS) announced additional items considered significant to Russian weaponry and are now restricted for export to both Russia and Belarus. In coordination with the United Kingdom and European Union, BIS continues to identify “high-priority items” by their six-digit Harmonized System (HS)
Ukraine
OFAC Implements Additional Sanctions Targeting Russia’s Technology, Industrial, Construction and Financial Sectors
On September 14, 2023, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced another round of sanctions and economic restrictions targeting Russian elites and Russia’s industrial base, financial institutions, and technology suppliers. According to a press release, the sanctions on over 100 individuals and entities continues the effort “to leverage sanctions…
OFAC Designates Additional Russian Companies, Banks and Vessels to Further Hinder Russia’s Military Efforts in Ukraine
On July 20, 2023, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) implemented further sanctions against Russia to restrict “access to products that support its military and war efforts; reduce Russia’s revenue from the metals and mining sector; undermine its future energy capabilities; degrade Russia’s access to the international financial system; and…
FinCEN & BIS Issue Joint Alert Encouraging Continued Vigilance Regarding Potential Russia Export Control Evasion
- The May 2023 FinCEN/BIS Joint Alert supplements the Joint Alert published by FinCEN and BIS in June 2022.
- The Supplemental Joint Alert offers financial institutions new and updated information on export control restrictions imposed by BIS related to Russia.
- Included is a list of certain “high priority” items organized according to their Harmonized
Treasury Issues Determinations on Prohibitions Related to Architecture, Engineering, Construction, Manufacturing, and Transportation Sectors in Russia
On May 19, 2023, the Department of the Treasury issued a Determination pursuant to E.O. 14071 that prohibits the exportation, reexportation, sale, or supply, directly or indirectly, from the United States, or by a U.S. person, wherever located, of architecture or engineering services to any person located in the Russian Federation. The determination excludes the…
OFAC and State Department Designate and Sanction Over 225 Individuals and Entities Involved in Russia’s War Against Ukraine
On May 19, 2023, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the Department of State sanctioned and placed on the Specially Designated Nationals (SDN) List over 225 individuals, entities, vessels and aircraft. These actions came at the same time the G7 member countries were meeting and jointly announced both continued…
BIS Issues Final Rules Implementing Additional Sanctions Against Russia and Belarus and Adding Entities to the Entity List
On May 19, 2023, the Department of Commerce’s Bureau of Industry and Security (BIS) issued a significant Final Rule implementing additional sanctions and revising existing export controls against Russia and Belarus for ongoing aggression against Ukraine. According to the announcement, these revisions and additions seek to better align U.S. sanctions with the controls that have…
OFAC Amends Russia-Related Directive 4 Regarding Transactions with Russian Federation Central Bank and Other Entities
On May 19, 2023, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued an amended Directive 4, “Prohibitions Related to Transactions Involving the Central Bank of the Russian Federation, the National Wealth Fund of the Russian Federation, and the Ministry of Finance of the Russian Federation.” The purpose of the amendment…
OFAC Again Extends Russia-Related General License No. 8 Regarding Transactions Related to Energy
On May 5, 2023, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued amended Russia-related General License No. 8G extending the authorization to conduct transactions involving Vnesheconombank, Bank Financial Corporation Otkritie, Sovcombank, Sberbank, VTB Bank, Alfa-Bank, Rosbank, Bank Zenit, Bank Saint-Petersburg, and the Central Bank of Russia that are related to energy…
Deputies of the G7 Enforcement Coordination Mechanism Discuss Russia Sanctions Evasion
On April 27, 2023, deputies of the Group of Seven (G7) Enforcement Coordination Mechanism met to discuss the need to increase enforcement of multilateral sanctions and export controls implemented since Russia’s invasion of Ukraine in February 2022 in order to deny Russia access to the materials it requires to equip its military and the revenue…