Russia Sanctions Update: Lux Edition

As the conflict in Ukraine grinds on, sanctions against Russia have continued to tighten. Since we published our Clients & Friends Memo last week, available here, President Biden issued Executive Order ("EO") 14068 of March 11, 2022, on Prohibiting Certain Imports, Exports, and New Investments with Respect to Continued Russian Federation Aggression. As its title suggests, the EO targets specified trade and investment activities, including prohibitions on:

1. The import of certain Russian Federation origin fish and seafood products, alcoholic beverages, non-industrial diamonds, as well as other products that might be named at a later date by the Secretary of the Treasury;
2. The export, to any person located in the Russian Federation, of luxury goods, and other items as may be determined by the Secretary of Commerce;