On February 24, 2023, precisely one year after Russia initiated its brutal war on Ukraine, the U.S. Government announced a sweeping array of new sanctions against Russia. These sanctions include economic sanctions, and enhanced export controls, and tariffs imposed on individuals and entities. The sanctions aim to deplete Putin’s ability to wage war and the Russian economy’s capacity to power the Russian war machine.
President Biden announced tariff increases on over 100 types of Russian goods, including metals, minerals, and chemical products. The Department of Commerce’s Bureau of Industry and Security (BIS) added almost 90 entities to its Entity List, including over 30 companies from third-countries such as China, thus prohibiting them from purchasing items that are produced in the U.S. or with US technology or software, such as semiconductors. BIS also imposed new export control measures on Iran in order to address the use of Iranian UAVs by Russia in its aggression against Ukraine. The Department of State, in turn, targeted the metals and mining sector of the Russian economy. Additionally, the Department of the Treasury and Department of State announced a plethora of additions to the Specially Designated Nations (SDN) List. The additions to the SDN list are as follows:
- 14 Russian financial institutions, including Bank Zenit and the Credit Bank of Moscow.
- Dozens of Russian companies involved in defense and related sectors, including Russia’s largest carbon-fiber producer, UMATEX, and numerous aerospace companies.
- Dozens of third-country actors connected to sanctions evasion activities, including numerous Swiss individuals and entities.
- 3 entities involved in expanding Russia’s future energy production and export capacity.
- 4 metals and mining companies.
- 4 individuals and 22 entities in Russia’s advanced technology sector, including manufacturers and developers of hardware and software for Russia’s intelligence collection capabilities.
- 60 individuals and entities complicit in Russia’s occupation of Ukrainian territories, including ministers, governors, high-level officials, and entities facilitating grain-theft.
- 3 key enterprises that develop and operate Russia’s nuclear weapons as well as 3 Russian civil nuclear entities under the Rosatom organizational structure.
A more comprehensive list of designations can be found here.
Questions regarding the U.S. Government’s sanctions against Russia, including questions on sanctions compliance and de-listing, can be directed to Fluet Partner Adam Munitz.
This blog post does not constitute legal advice and is not comprehensive of all requirements or situations. Check back for more updates as our team continues to analyze new legislation and regulations that key industries industries.