The continuing crisis in Ukraine has resulted in additional sanctions and export controls. It is hard to keep up with new developments each day. In recent steps, the United States has adopted a comprehensive set of export controls and implemented a ban on import of Russian oil, gas and coal. In this Episode, Michael Volkov reviews the recent changes to the Russia sanctions and export...
In a much-anticipated action, President Biden announced a prohibition on all Russian oil and gas imports. The United States relies on Russia oil for approximately 8 percent of its needs. Simultaneously, the United Kingdom announced it will reduce oil and gas imports from Russia over the next nine months. The UK relies on Russian oil and gas imports for approximately 18 percent of its energy...
In an unprecedented and sweeping set of actions, the United States in coordination with its Allies and partners has implemented a robust set of sanctions and export controls against Russia designed to cripple Russia’s economy. The unprecedented actions against Russia are intended to deter Russia from continuing its violent invasion of Ukraine and attacks against the Ukrainian people. The Department of Treasury Office of Foreign...
As announced during his State of the Union, President Biden and U.S. Allies and partners, announced additional sanctions against Russia and Belarus. In recognition of the impact of the sanctions and export controls on the energy industry, the United States and Allies released 60 million barrels of oil from strategic reserves. The new restrictions include: Expansion of BIS Sanctions from Russia to Belarus: The United...
In response to Russia’s invasion of Ukraine territories, the so-called Donetsk and Luhansk People’s Republics, respectively, (hereinafter “DNR” and “LNR”), yesterday, on February 21, 2022, President Biden issued a new Executive Order targeting the DNR and LNR regions of Ukraine with comprehensive sanctions.[1] In practical effect, the new sanctions impose an embargo similar to that imposed against the Region of Crimea after Russia annexed the...
Jessica Sanderson, Partner at The Volkov Law Group, joins us for a blog posting on how to prepare for possible Russia sanctions in the event Russia invades the Ukraine. Jessica can be reached at [email protected]. Compliance Professionals: As the Ukraine braces for a possible Russian incursion, are you bracing for the impact of economic sanctions against Russia? In this article we offer suggestions to help...
The Biden Administration announced new and significant trade sanctions against Russia. The action was long expected given the Biden Administration’s criticism of Russia, and was a comprehensive response to Russia’s interference in the 2020 US election, its SolarWinds cyberattack and its ongoing occupation of Crimea and threatening addition of troops along the Ukraine border. President Biden issued a new Executive Order, No. 13848, Targeting the...
Since 2014, the United States has put into place a comprehensive set of sanctions against Russia. In response to Russia’s annexation of Crimea and its hostile activities in the Ukraine, President Obama put in place a set of sanctions focused against various sectors of the Russian economy. Since the Trump Administration came to power, Congress enacted additional sanctions, and the Department of Treasury adopted targeted...
On April 6, 2018, OFAC announced a new round of sanctions against Russian individuals and companies. (For Press Release Here; new FAQs Here; and new General Licenses 12 Here and 13 Here). Relying on its authority under existing executive orders, OFAC designated seven Russian oligarchs and 12 companies they own or control, 17 senior Russian government officials and a state-owned weapons trading company, and its...
Sanctions compliance is challenging because of the changing nature of sanctions regulations and individuals identified as Specially Designated Nationals. With each new administration, foreign policy priorities are usually played out in a variety of sanctions regimes and policies. This year, however, saw Congress enter the regulatory fray, when it imposed detailed regulatory requirements and procedures designed to constrain the current administration from making major changes...
