Response to the Russian invasion of Ukraine has been swift and coordinated, with the U.S., U.K. and EU, among other allied nations, imposing a series of sanctions and export controls on key elements of the Russian economy.
These client alerts are for informational purposes only and do not constitute legal advice. Complex assessments often have to be made as to which sanctions regime applies in any given instance, given the multinational touch points of many entities and individuals. In that regard, given the complex and dynamic nature of these sanctions regimes, there may be developments not captured in these summaries. Moreover, while the summaries were accurate when written, they may become inaccurate over time given developments. For all of these reasons, you should consult with a qualified attorney before making any judgments relating to sanctions, as there are potentially severe consequences of failing to adhere fully to sanctions restrictions.
The U.S., U.K. and European Union, among other allied nations, have rolled out additional sanctions and export controls as the Russian invasion of Ukraine continues, including in response to possible war crimes in Ukraine.
The latest round of UK and EU sanctions extend restrictions on imports, exports and financing, and subject Belarus and dozens of additional individuals and entities to the limitations.
On March 11, 2022, President Joe Biden signed an executive order imposing restrictions on imports and exports with respect to Russia as well as on the supply of U.S. dollar-denominated banknotes to the Russian government and to persons located in Russia.
On March 8, 2022, President Joe Biden banned the import of Russian oil, gas and other energy products into the U.S. and imposed sweeping prohibitions on new U.S. investment in the Russian energy sector, as well as on the facilitation of such transactions by foreign persons.
The U.S., U.K. and EU's additional sanctions and export controls on Russia have been closely coordinated in an effort to put further stress on the Russian financial and defense sectors, target certain Russian oligarchs and their families, restrict exports to Russia, ban overflights by Russian aircraft and further prevent Russia’s ability to use its foreign-held reserves to prop up the ruble and fund its war in Ukraine.
On March 1, 2022, Russian President Vladimir Putin adopted additional economic measures in response to sanctions from the U.S. and Europe. The Bank of Russia also imposed restrictions on the transfer of funds outside of the country.
Russia Responds to US, UK and EU Sanctions With New Economic Measures
February 28, 2022
On February 28, 2022, Russian President Vladimir Putin ordered special economic measures that include the mandatory “sale” of foreign exchange proceeds, restrictions on cross-border currency operations, a continuation of the simplified process for certain companies to buy back shares and the ability for banks to open accounts for individuals remotely.
The U.S., U.K. and EU, among other allies, have moved rapidly with economic sanctions and export controls in response to Russia’s invasion of Ukraine. Government officials have indicated that the sanctions and export controls implemented or announced to date represent the early stages of the coordinated response. Further possible action means the legal landscape remains very fluid.