UNITED STATES, EUROPEAN UNION, AND G7 ANNOUNCE FURTHER ECONOMIC ACTIONS ON RUSSIA
On Friday, March 11, President Biden and G7 Leaders from Canada, France, Germany, Italy, Japan, the United Kingdom, and the European Union announced additional steps to hold Russia accountable for the continued assault on Ukraine and to further isolate Russia from the global financial system by revoking Russia’s Most Favored Nation (MFN) status and to deny borrowing privileges at multilateral financial institutions. Each partner will implement actions consistent with their national processes.
President Biden will also sign an Executive Order (E.O.) to include:
President Biden will also sign an Executive Order (E.O.) to include:
Full blocking sanctions on additional Russian elites and their family members. This action will follow up on multiple efforts to target Russian elites and their family members cuts them off from the U.S. financial system, freezes any assets they hold in the United States and blocks their travel to the United States.
Ban Export of luxury goods to Russia. This will ensure that U.S. persons are not providing luxury items, such as high end-watches, luxury vehicles, high-end apparel, high-end alcohol, jewelry, and other goods frequently purchased by Russian elites. Ban U.S. import of goods from several signature sectors of Russia’s economy. This will also prohibit the import of goods from several signature sectors of Russia’s economy – including seafood, spirits/vodka, and non-industrial diamonds. Create new guidance by the Department of Treasury to thwart sanctions evasions, including through virtual currency. The Department of the Treasury, through new guidance, will continue to make clear that Treasury’s expansive actions against Russia require all U.S. persons to comply with sanctions regulations regardless of whether a transaction is denominated in traditional currency or virtual currency. Create new authority to ban new investment in any sector of the Russian Federation economy. This E.O. will establish the legal authority for future investment restrictions in any sector of the Russian economy, as may be determined by the Secretary of the Treasury, in consultation with the Secretary of State, by a United States person. |
You can read more here: WHITE HOUSE FACT SHEET
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If you have any questions about this, or any trade matter please be sure to let us know.