Trade Matters - March 2024

1. U.S. Agencies Expand Russia Sanctions

On February 24, the two-year anniversary of Russia's invasion of Ukraine, the Biden administration issued hundreds of new Russia-related export controls and sanctions. The Office of Foreign Assets Control (OFAC) and the Department of State sanctioned over 500 parties, targeting individuals and companies in Russia's financial sector, Russia's military industrial complex, and third-country exporters and transhippers of technology, equipment, and parts to Russia. Correspondingly, OFAC issued four new general licenses, which authorize various wind-down transactions through April 8. The Department of Commerce also added almost 100 parties to the Entity List and expanded the list of items significant to Russian weaponry that are at risk of being diverted illegally to Russia. Several agencies issued an advisory cautioning that doing business with Russia presents a legal, financial, and reputational risk.