United States Issues Significant Bank Sanctions and Historic Export Controls Targeting Russia

On Feb. 24, 2022, President Biden announced significant new export controls and sanctions against Russia in response to the Russian invasion of Ukraine. The latest sanctions package comes on the heels of a first wave of U.S. sanctions announced over the past several days, and combines financial restrictions implemented by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and significant new export controls implemented by the U.S. Department of Commerce’s Bureau of Industry and Security (BIS). Read more.