U.S. Strengthens Sanctions And Export Control Regime Against Russia And Belarus

On May 19, 2023, the U.S., in concert with the other members of the G-7, issued new export control and sanctions restrictions on Russia, Belarus, and several entities outside of Russia and Belarus that supply Russia and Belarus, including restrictions on certain transfers to Iran and further restrictions on transfers to the Crimea region of Ukraine. The actions taken in parallel by the U.S. Department of Commerce's Bureau of Industry and Security (BIS), the U.S. Department of State (State Department), and the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) target more than 300 entities and individuals and are aimed at further degrading Russia's capacity to wage war against Ukraine. OFAC also imposed new reporting requirements for certain property interests of specified Russian financial institutions held by U.S. persons, the first of which is due June 18 as described below.