Russia Sanctions Updates
Russia Sanctions Updates
Kelley Drye's Sanctions Team is closely following developments with respect to the evolving Ukraine/Russia situation. Below are key updates on new sanctions and export control measures imposed by the United States, European Union, and allies on Russia in response the ongoing conflict in Ukraine. Please contact our sanctions and export control team if you have questions about these developments or how they apply to your business.
posted on Thu, 15 Sep 2022

Today, the U.S. Treasury, State, and Commerce Departments announced new sanctions and export control restrictions on Russia and Belarus, targeting parties in and activities related to the technology, quantum computing, finance, and advanced manufacturing sectors.  The Commerce Department’s Bureau of Industry and Security (BIS), in particular, expanded and updated a number of Russia- and Belarus-related... Continue Reading

posted on Fri, 09 Sep 2022

On September 8, the U.S. Office of Foreign Assets Control (OFAC) extended a general license authorizing certain administrative 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 new General License 13B authorizes U.S. persons and entities owned... Continue Reading

posted on Tue, 02 Aug 2022

Today, the United States imposed another round of sanctions on Russia, targeting Russian elites, universities, and technological institutions. Blocking Sanctions The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) added the following notable Russian elites to the List of Specially Designated Nationals (SDN), subjecting them to full U.S. blocking sanctions: Andrey Grigoryevich Guryev, Russian... Continue Reading

posted on Tue, 26 Jul 2022

Last week, the European Union imposed its seventh round of sanctions on Russia, imposing a range of new restrictive measures.  The new sanctions include a ban on dealings in Russian-origin gold, updates to existing sanctions to bolster the effectiveness of those measures, and an expanded list of parties subject to an EU asset freeze. Ban... Continue Reading

posted on Tue, 28 Jun 2022

Today, the United States, in coordination with other G7 countries, announced new sanctions, export controls, and import restrictions on Russia.  The latest U.S. package of measures include sanctions targeting Russia’s defense sector, Entity List designations, increased tariffs on a broad range of Russian goods, and an import ban on Russian gold. New Sanctions Various U.S.... Continue Reading

posted on Tue, 07 Jun 2022

Last Friday, the European Union adopted its sixth round of sanctions against Russia, including the highly anticipated ban on imports of Russian seaborne crude oil and petroleum products and the provision of related services, subject to certain exceptions. The European Union’s latest package also expands its ban on the provision of SWIFT interbank messaging network... Continue Reading

posted on Thu, 02 Jun 2022

Today, the United States imposed new sanctions on Russia, targeting Russian oligarch Alexey Mordashov and his companies, other Russian elites, luxury asset management and service companies, and companies involved in procurement for the Russian and Belarusian militaries. Targeting Russian Elites and Their Companies The Office of Foreign Assets Control (OFAC), together with the U.S. State... Continue Reading

posted on Mon, 09 May 2022

In coordination with other G7 countries, the United States announced another significant round of sanctions and export control restrictions on Russia on Sunday, May 8.  These include a new ban on the provision of certain services to Russia, new export controls, and sanctions on Russia’s media and financial sectors, and further additions to the Office... Continue Reading

posted on Thu, 28 Apr 2022

Today, the Biden Administration announced a legislative proposal aimed at empowering the U.S. government to seize and forfeit property linked to Russian elites.  Specifically, the proposed system would enhance and streamline the seizure and forfeiture of Russian oligarch assets and provide for the liquidation and redistribution of proceeds to support Ukraine.  The announcement unveiled the... Continue Reading

posted on Fri, 22 Apr 2022

Yesterday, the White House issued a proclamation banning Russian-affiliated vessels from entering U.S. ports in response to Russia’s continued aggression in Ukraine, effective April 28, 2022. Banned vessels include Russian-flagged vessels, vessels owned by Russian persons, and vessels that are Russian operated. The order authorizes the U.S. Department of Homeland Security to issue regulations to... Continue Reading

posted on Thu, 21 Apr 2022

On April 19, 2022, the Office of Foreign Assets Control (OFAC) issued a fact sheet with guidance on various humanitarian general licenses that authorize activities otherwise prohibited by U.S. sanctions, and respond to the threat Russia’s war in Ukraine poses to global food and energy supply chains.  The fact sheet provides consolidated guidance to non-governmental organizations,... Continue Reading

posted on Wed, 20 Apr 2022

Today, the U.S. Office of Foreign Assets Control (OFAC) designated Transkapitalbank, a privately-held Russian commercial bank, and its subsidiary, Investtradebank, as Specially Designated Nationals (SDNs). OFAC imposed blocking sanctions on the banks due to their role in facilitating U.S. dollar payments for sanctioned clients and the development of systems designed to evade U.S. and EU... Continue Reading

posted on Fri, 15 Apr 2022

Yesterday, the United Kingdom imposed additional restrictions on trade with Russia, including a luxury goods export ban, an iron and steel import ban, and asset freeze restrictions on over two-hundred Russian actors.  Notable sanctions targets include Eugene Tenenbaum and David Davidovich, prominent business associates of Roman Abramovich, whose frozen assets are estimated to be valued... Continue Reading

posted on Mon, 11 Apr 2022

In a rule change that was effective April 8, 2022, but communicated on April 11, 2022 the Commerce Department’s Bureau of Industry and Security (BIS) expanded coverage of export controls on Russia and Belarus to include any item with an Export Control Classification Number (ECCN).  Prior controls applied to items in Commerce Control List (CCL)... Continue Reading

posted on Fri, 08 Apr 2022

Today, the European Union published its fifth major round of sanctions on Russia and Belarus.  The sanctions package includes a full transaction ban on four major Russian banks, port and transportation sanctions, import bans on coal, wood, cement, seafood, and liquor, an export ban on jet fuel and certain sensitive goods, additional asset freezes, and... Continue Reading

posted on Fri, 08 Apr 2022

On April 7, the U.S. Office of Foreign Assets Control (OFAC) issued a new General License No. 25 (GL25) authorizing certain transactions ordinarily incident to telecommunications and the exchange of communications over the internet in Russia. GL25 authorizes U.S. persons to engage in transactions that are ordinarily incident and necessary to the to the receipt or transmission... Continue Reading

posted on Fri, 08 Apr 2022

Yesterday, the U.S. Office of Foreign Assets Control (OFAC) added Public Joint Stock Company Alrosa (Alrosa) to the List of Specially Designated Nationals (SDN List), subjecting the company and its majority-owned subsidiaries to full U.S. blocking sanctions.  According to OFAC, Alrosa is the world’s largest diamond mining company and is responsible for 90 percent of Russia’s diamond mining... Continue Reading

posted on Fri, 08 Apr 2022

Yesterday, the Commerce Department’s Bureau of Industry and Security (“BIS”) issued temporary denial orders (“TDOs” or “orders”) on three Russian airlines – Aeroflot, Azur Air, and UTair – effectively cutting them off from U.S. exports, U.S.-origin items, and items manufactured abroad that are subject to the Export Administration Regulations (EAR).  The orders represent the agency’s... Continue Reading

posted on Thu, 07 Apr 2022

Today, by overwhelming margins, Congress passed two pieces of legislation to further punish Russia for its invasion of Ukraine. The bipartisan bills suspend Permanent Normal Trade Relations (PNTR) with Russia and Belarus and codify President Biden’s recent Executive Order banning Russian energy imports. The bills now head to the President’s desk and are expected to... Continue Reading

posted on Wed, 06 Apr 2022

Today, the United States imposed broad new sanctions on Russia in response to the continuing conflict in Ukraine.  The new measures include full blocking sanctions on Sberbank and Alfa-Bank, two of the largest banks in Russia, a ban on new investment on any sector of the Russian economy, and blocking sanctions on additional Russian elites. ... Continue Reading

For all of our Russia sanctions-related posts, please click here.