Russia and Belarus sanctions update
March 17, 2022
Over the past week, the US introduced new sanctions and export controls against Russia and Belarus in reaction to Russia’s continued invasion of Ukraine.
- On March 11, 2022:
- President Biden issued a new Executive Order prohibiting the import of Russian-origin seafood, alcoholic beverages, and non-industrial diamonds; the export, sale, or supply of luxury goods from the US or by a US person; or approving or facilitating any transaction prohibited above, even if by a non-US person; and any conspiracy to violate the prohibitions listed herein.
- The Office of Foreign Assets Control of the US Department of the Treasury (OFAC) issued several new General Licenses to allow wind down of transactions prohibited by the Executive Order of March 11, 2022 through March 25, 2022; personal remittances; payments for personal maintenance in Russia; and transactions relating to activities of nongovernmental organizations in the Donbas region of Ukraine.
- On March 11 and 15, 2022, the US also added several Russian and Belarusian nationals and entities to the Specially Designated Nationals and Blocked Persons List (SDN List).
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