Biden Administration Imposes Broad Sanctions and Export Controls in Response to Russia’s Invasion of Ukraine

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On February 24, 2022, the Biden Administration issued another expansive round of sanctions measures and export controls related to Russia’s actions in Ukraine.

The latest measures imposed by the Department of the Treasury’s Office of Foreign Assets Control (OFAC) include sanctions against Russian banks and their subsidiaries, new debt and equity prohibitions for certain Russia-related entities, and sanctions on certain Russian individuals with close ties to Russian President Vladimir Putin. In addition, the Department of Commerce’s Bureau of Industry and Security (BIS) imposed significant export restrictions to limit Russia’s high-tech imports. OFAC also imposed new sanctions on Belarus for its support for the Russian invasion of Ukraine, which include sanctions on Belarusian state-owned banks, its defense and security industries, and certain defense officials and persons in Belarusian President Alexander Lukashenka’s inner circle. Concurrent with the imposition of new sanctions measures, OFAC issued public guidance in the form of new and updated FAQs as well as general licenses.