Summary Of Sanctions Imposed On Russia This Week (March 18, 2022)

The pace of new Russia sanctions matters slowed this week, with most of the action coming out of the European Union and United Kingdom.  New measures this week included bans on imports of steel and iron products, exports of luxury goods, investments in the Russian energy sector, and dealings with oligarchs and Russian state-owned enterprises. 

This post summarizes current sanctions on Russia and Belarus as of Friday, March 18, 2022.  Please reach out to our team if you have any questions about these or future developments. 

Central Bank Sanctions

G7 countries imposed broad sanctions on transactions involving Russia's Central Bank, National Wealth Fund, and Ministry of Finance.  These sanctions include a sweeping prohibition on direct or indirect transactions or other business dealings involving the sanctioned entities without authorization.  The U.S. Office of Foreign Assets Control (OFAC) issued two general licenses and expanded two existing general licenses