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ARTICLE · 11 MAY 2022

Russia And Belarus Sanctions And Export Controls Update – May 10, 2022

Foley Hoag LLP
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On May 8, 2022, the U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC") issued a determination prohibiting the exportation, reexportation...

GlobalInternational Law
Luciano Racco
Luciano Racco
Shrutih Tewarie
Shrutih Tewarie
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Key Takeaways:

  • The U.S. restricts the provision of accounting, trust and corporate formation, and management consulting services to Russia
  • OFAC publishes general license authorizing certain IP-transactions prohibited by the Russian Harmful Foreign Activities Sanctions Regulations
  • Three Russian state-run media television companies are added to the SDN List, along with a Russian state-owned bank and a state-controlled defense company
  • BIS implements stricter export controls – only EAR99 items (with some limited exceptions) are now eligible for export from the U.S. to Russia and Belarus without an export license 
  • Additional sanctions target executives of Sberbank and Gazprombank, Russian state-owned enterprises, the Russian maritime sector, and sanctions evasion network

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