President Biden expanded the scope of sanctions imposed on Russia due to their invasion of the Ukraine, which constitute an unusual and extraordinary threat to the national security and foreign policy of the United States.
The Executive Order prohibits the following:
- the importation into the U.S., directly or indirectly, of any goods, services, or technology from the ‘Covered Regions’, which include the so-called Donetsk People’s Republic (DNR) or Luhansk People’s Republic (LNR) regions of Ukraine or such other regions of Ukraine as may be determined by the Secretary of the Treasury, in consultation with the Secretary of State
- the exportation, re-exportation, sale, or supply, directly or indirectly, from the U.S., or by a U.S. person, wherever located, of any goods, services, or technology to the ‘Covered Regions’
- new investment in the ‘Covered Regions’, by a U.S. person, wherever located;
- any approval, financing, facilitation, or guarantee by a U.S. person, wherever located, of a transaction by a foreign person where the transaction by that foreign person would be prohibited by this section if performed by a U.S. person or within the U.S.
Additional Russian companies were added to the List of blocked parties, prohibiting property from transfers, payment, exports, and withdrawals.
The White House also issued a Fact Sheet with further details.
The U.S., along with key trading partners, will impose export controls on such products as semiconductors, computers, telecommunications equipment, aircraft components and marine equipment, that are estimated to cut off more than half of Russia’s high-tech imports, depriving their defense, aerospace and maritime industries of necessary equipment and software, as well as impose severe costs to the Russian economy.
Specific questions may be directed to OFAC’s hotline at 1-800-540-6322, or email email@example.com.
General questions regarding the new Russian sanctions may be directed to your Livingston account manager.