U.S. Strengthens Sanctions And Export Controls On Russia In Coordination With G7 Partners

On May 19, 2023, the U.S., in coordination with the G7 and other international partners, released a new tranche of sanctions and other restrictive economic measures to further target Russia's capacity to continue its aggression against Ukraine. In a multi-agency effort, the U.S. designated over 300 new sanctions targets, added 71 entities to BIS's Entity List and introduced new restrictions on companies and individuals doing business with Russia's architecture and engineering sectors and on the export of certain goods to Russia, Belarus or Ukraine.

These latest measures highlight the U.S. government's continued focus on the Russian defense, technology, energy and financial sectors, and on third-country individuals and entities that provide support to Russia's war efforts or enable Russia's sanctions and export control evasion networks. The actions also re-emphasize the role financial institutions can play in preventing and reporting sanctions and export control