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ARTICLE · 19 JUNE 2024

U.S. Issues Expansive New Sanctions To Further Isolate Russia's War Economy

Cassidy Levy Kent LLP
Cassidy Levy Kent LLP
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Cassidy Levy Kent LLP

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In conjunction with the meeting of G7 leaders last week in Italy, the United States issued another round of sanctions and export controls to intensify pressure on Russia. These measures, issued by the Department...

GlobalInternational Law
Ulrika K. Swanson
Ulrika K. Swanson
Stephen Laufer
Stephen Laufer
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In conjunction with the meeting of G7 leaders last week in Italy, the United States issued another round of sanctions and export controls to intensify pressure on Russia. These measures, issued by the Department of the Treasury's Office of Foreign Assets Control (OFAC), the Department of State, and Department of Commerce's Bureau of Industry and Security (BIS), aim to further isolate Russia's war economy from the international financial system and implement additional export control measures against Russia and Belarus. We provide a brief summary of these changes below.

OFAC

Together with the Department of State, OFAC sanctioned more than 300 individuals and entities whose products and services enable Russia to sustain its war efforts and evade sanctions. OFAC also increased its focus on Russia's financial system, authorized the imposition of secondary sanctions on foreign financial institutions, and prohibited certain information technology (IT) transactions.

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