Updates on Russian sanctions

Recent Executive Orders on Russian Sanctions

What’s that you see…why that’s Spain seizing Russian Billionaire Viktor Vekselberg’s yacht, courtesy of global sanctions. Vekeslberg is an individual listed on OFAC’s Specially Designated Nationals (SDN) list for having close ties to Russian President Vladimir Putin, and his fancy yacht “Tango” is separately listed on the SDN list pursuant to Executive Order 14024. This seizure was part of the Department of Justice’s taskforce “KleptoCapture” and was an international effort.

As the situation in Ukraine evolves, the U.S. has continued to enhance economic and trade sanctions imposed against Russia. We previously blogged on the Russian sanctions a few weeks back but wanted to provide a few updates. Since our previous blog, President Biden signed Executive Order 14071 on April 6, 2022, titled “Prohibiting New Investment in and Certain Services to the Russian Federation in Response to Continued Russian Federal Aggression.”

Executive Order 14071 prohibits new investment in the Russian Federation by a U.S. person, the exportation, reexportation, supply, or sale from the U.S. of certain designated categories of services to the Russian Federation, and the approval, financing, facilitation, or guarantee by a U.S. person of a transaction prohibited under the order. The U.S. Department of the Treasury (Treasury) may use their authority under this Executive Order to prohibit certain categories of services.

 

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