Russia Sanctions And Export Controls Update – July 6, 2022

Key Takeaways:

• OFAC imposes restrictions on the importation of gold from the Russian Federation
• OFAC and the U.S. Department of State impose new sanctions on Russian entities and individuals with a focus on the Russian defense and aerospace industries
• The U.S. Department of Commerce's Bureau of Industry and Security imposes additional export controls on entities identified as attempting to evade U.S. export controls and sanctions on Russia and issues a joint alert with FinCEN warning U.S. persons to remain vigilant in the face of continued attempts at evasion

I. OFAC Prohibits Gold Importation from the Russian Federation

Implementing the declaration of G-7 leaders on June 26, 2022, the United States has joined the UK, Canada and Japan in prohibiting the importation of newly mined or refined gold of Russian Federation origin. The restriction was imposed after a determination issued by the U.S. Department of the Treasury's Office of Foreign Assets