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ARTICLE · 06 JUNE 2023

Russia Sanctions Update – May 31, 2023

Foley Hoag LLP
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On May 19, 2023, the United States along with other members of the G7 and other allied countries imposed additional sanctions and export controls meant to further restrict Russian...

United StatesInternational Law
Luciano Racco
Luciano Racco
Shrutih Tewarie
Shrutih Tewarie
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Key Takeaways:

  • Effective June 18, 2023, OFAC has prohibited the provision of architecture and engineering services from the United States or by a U.S. person, wherever located, to any person located in Russia.
  • OFAC and the U.S. Department of State sanctioned over 300 entities, individuals, vessels, and aircraft. Industries targeted include gold, energy, education and research institutions, technology, and financial services.
  • OFAC imposed a new annual reporting requirement on U.S. persons who possess or control property in which the Russian Central Bank, Ministry of Finance, or National Wealth Fund have any interest.
  • The U.S. Commerce Department extended certain export controls imposed on Russia and Belarus to the Crimea region of Ukraine, and further restricted exports to Russia, Belarus, and Iran.

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