Recent Russia-Related Sanctions Orders Raise Potential Compliance Concerns
In response to Russia’s ongoing military invasion of Ukraine, President Biden has ordered a series of broad sanctions designed to “imperil Russia’s ability to raise capital key to its acts of aggression” and “isolate Russia from international finance and commerce.”
In an update by law firm Herrick, learn how these sanctions generally prohibit U.S. individuals and entities from transacting business directly or indirectly with a wide range of Russia’s largest banks and financial institutions, certain Russian individuals with ties to Russia’s government, and various other entities, individuals, vessels and aircraft designated by the Office of Foreign Asset Control.
Given these heightened enforcement efforts, U.S. Persons engaged in (or considering engaging in) business with Russian-related individuals and entities should assess whether their ongoing and potential businesses and transactions run afoul of the recently issued sanctions orders. Read more here.
