In coordination with other G7 countries, the United States announced another significant round of sanctions and export control restrictions on Russia on Sunday, May 8. These include a new ban on the provision of certain services to Russia, new export controls, and sanctions on Russia’s media and financial sectors, and further additions to the
President Biden Proposes Legislation to Seize Russian Oligarch Assets for Benefit of Ukraine
Today, the Biden Administration announced a legislative proposal aimed at empowering the U.S. government to seize and forfeit property linked to Russian elites. Specifically, the proposed system would enhance and streamline the seizure and forfeiture of Russian oligarch assets and provide for the liquidation and redistribution of proceeds to support Ukraine. The announcement unveiled the
U.S. Sanctions Transkapitalbank, Virtual Currency Mining Company, & Evasion Network
Today, the U.S. Office of Foreign Assets Control (OFAC) designated Transkapitalbank, a privately-held Russian commercial bank, and its subsidiary, Investtradebank, as Specially Designated Nationals (SDNs). OFAC imposed blocking sanctions on the banks due to their role in facilitating U.S. dollar payments for sanctioned clients and the development of systems designed to evade U.S. and EU
Latest UK Sanctions on Russia: Luxury Export Ban, Iron & Steel Import Ban, 200+ Asset Freezes
Yesterday, the United Kingdom imposed additional restrictions on trade with Russia, including a luxury goods export ban, an iron and steel import ban, and asset freeze restrictions on over two-hundred Russian actors. Notable sanctions targets include Eugene Tenenbaum and David Davidovich, prominent business associates of Roman Abramovich, whose frozen assets are estimated to be valued
Commerce Department Significantly Expands Export Controls on Russia and Belarus; Limits Exceptions for Belarusian Aircraft
In a rule change that was effective April 8, 2022, but communicated on April 11, 2022 the Commerce Department’s Bureau of Industry and Security (BIS) expanded coverage of export controls on Russia and Belarus to include any item with an Export Control Classification Number (ECCN). Prior controls applied to items in Commerce Control List (CCL)
U.S. Imposes New Russia Sanctions Targeting Banks, Investments, Services, & Officials; EU Announces Fifth Round of Sanctions
Today, the United States imposed broad new sanctions on Russia in response to the continuing conflict in Ukraine. The new measures include full blocking sanctions on Sberbank and Alfa-Bank, two of the largest banks in Russia, a ban on new investment on any sector of the Russian economy, and blocking sanctions on additional Russian elites.
UK Imposes Asset Freeze on Sberbank, Credit Bank of Moscow, and Prominent Russian Oligarchs Active in Key Industries as Part of Latest Package of Measures
Today, the United Kingdom announced its next package of sanctions on Russia.
The measures, elements of which were implemented today, are aimed at reducing dependency on Russian energy, and further degrading Russia’s economy and capabilities. In today’s action, the UK expanded its financial sanctions to subject Sberbank, the Credit Bank of Moscow, and Russian oligarchs
BIS Adds 120 Russian & Belarusian Parties to the Entity List
On Friday, the Commerce Department’s Bureau of Industry and Security (BIS) added 120 parties operating in the Russian and Belarusian aerospace, maritime, and defense sectors to the Entity List. BIS designated the parties for attempting to procure items subject to the Export Administration Regulations (EAR) for the Russian and Belarusian militaries and for their military
U.S. Sanctions Russian Chipmaker & Tech Companies; Expands Sanctions Authority
Today, the United States imposed sanctions on Russian technology companies and a network of companies involved in procuring goods for the Russian Intelligence Services. The Treasury Department also issued a determination authorizing the Office of Foreign Assets Control (OFAC) to impose sanctions on companies and individuals that it determines operate in the aerospace, electronics, or
Additional U.K. Sanctions Targeting Russian Industries, Banks, Elites; Belarusian Entities
Today, the United Kingdom expanded sanctions on Russia by imposing asset freeze restrictions on 59 Russian and six Belarusian actors. The measures target key strategic industries in Russia, and include large banks, defense companies, and Russian elites.
Of note, the following Russian banks and companies have been added to the U.K.’s consolidated asset freeze list: