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Today, the Office of Foreign Assets Control (“OFAC”) added Russian oligarch Vladimir Potanin along with several of his companies to the Specially Designated Nationals (“SDN”) List.  OFAC’s action specifically targets Mr. Potanin, Interros, an investment holding company controlled by Mr. Potanin, and Rosbank, a major Russian bank owned by Interros.  U.S. persons are prohibited from…

Today, the U.S. Treasury Department and Commerce Department imposed new sanctions on Russia and Belarus as part of the G-7’s collective response to Russia’s claimed annexation of additional Ukraine territory.  The new sanctions target supporters of Russia’s military and defense sectors in Russia, Belarus, and third countries.

The Treasury Department’s Office of Foreign Assets Control…

On September 15, President Biden signed an Executive Order (EO) with the first ever formal Presidential direction to the Committee on Foreign Investment in the United States (CFIUS or the Committee). The EO emphasizes the risks that the Committee should consider when reviewing covered foreign company purchases of U.S. businesses. The EO is intended reemphasize…

Last week, the European Union imposed its seventh round of sanctions on Russia, imposing a range of new restrictive measures.  The new sanctions include a ban on dealings in Russian-origin gold, updates to existing sanctions to bolster the effectiveness of those measures, and an expanded list of parties subject to an EU asset freeze…

Today, the United States, in coordination with other G7 countries, announced new sanctions, export controls, and import restrictions on Russia.  The latest U.S. package of measures include sanctions targeting Russia’s defense sector, Entity List designations, increased tariffs on a broad range of Russian goods, and an import ban on Russian gold.

New Sanctions

Various U.S.…

On Monday, June 6, 2022, President Biden invoked the Defense Production Act of 1950 (“DPA”) with the intent to accelerate domestic manufacturing in the renewable energy sector.  In addition to furthering the Administration’s clean energy agenda, Deputy Secretary of Defense Dr. Kathleen Hicks explained this action will strengthen U.S. national security, noting the vulnerability of…

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…

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…

Yesterday, the White House issued a proclamation banning Russian-affiliated vessels from entering U.S. ports in response to Russia’s continued aggression in Ukraine, effective April 28, 2022. Banned vessels include Russian-flagged vessels, vessels owned by Russian persons, and vessels that are Russian operated. The order authorizes the U.S. Department of Homeland Security to issue regulations to…

On April 19, 2022, the Office of Foreign Assets Control (OFAC) issued a fact sheet with guidance on various humanitarian general licenses that authorize activities otherwise prohibited by U.S. sanctions, and respond to the threat Russia’s war in Ukraine poses to global food and energy supply chains.  The fact sheet provides consolidated guidance to non-governmental…