Since the adoption of the first sanctions package against Russia, the Council of the EU and the European Commission (“Commission”) have been working closely together to adopt increasingly severe sanctions to force President Putin back to the negotiating table in view of reaching a ceasefire. Coordination with allies has also been intense. Following our review of the first and second sanctions package, we analyze below the latest restrictive measures.

For more information on how these developments could impact your organization, contact a member of Steptoe’s Economic Sanctions team in Brussels.

For additional resources can be found on Steptoe’s “Sanctions against Russia: Implications for Business and International Trade” page.Continue Reading Update: EU Adopts Additional Sanctions Against Russia and Belarus over the War in Ukraine

The United States government has continued to impose numerous economic sanctions and export controls measures following Russia’s invasion of Ukraine.  On February 24, 2022, the US Commerce Department’s Bureau of Industry and Security (BIS) significantly expanded export controls applicable to Russia.  On February 25, 2022, the US Treasury Department’s Office of Foreign Assets Control (OFAC) added Russian President Vladimir Putin and others to the Specially Designated Nationals (SDN) List.  It also imposed significant economic sanctions measures targeting Russia’s financial system — including by imposing sanctions on Russia’s largest financial institutions and limiting the ability of certain Russian state-owned and private entities to raise capital.  Together, OFAC’s actions, which were taken pursuant to Executive Order (EO) 14024 following Russia’s invasion of Ukraine, are estimated to affect nearly 80 percent of all banking assets in Russia.

Finally, on February 26, 2022, the United States and European Union countries, together with the United Kingdom and Canada, announced an agreement to block certain Russian banks from access to SWIFT (with Japan also agreeing the following day), to impose sanctions on Russia’s Central Bank, and to limit the ability of certain Russian nationals connected to the Russian government to obtain citizenship in their countries. They further agreed to ensure effective transatlantic coordination in implementing sanctions, including by sanctioning additional Russian entities and persons, and by working together and with other governments around the world to identify and freeze sanctioned Russian assets.Continue Reading Biden Administration Imposes Sweeping Financial Sanctions, Export Controls after Russian Invasion of Ukraine

On December 2, 2021, the United States, the EU, the UK, and Canada announced a new round of coordinated sanctions in response to their concerns regarding the Belarusian government’s continued undermining of democracy, its violations of human rights, and its alleged orchestration of irregular migration into the EU. The latest sanctions include blocking sanctions and asset freezes, as well as new restrictions on US persons dealing in Belarusian sovereign debt.

For more information on earlier US, UK, and Canadian sanctions related to Belarus, see our August 13, 2021, blog post and April 19, 2021, blog post.Continue Reading Coordinated Sanctions Further Align Transatlantic Policies on Belarus

On August 9, 2021, the United States, United Kingdom and Canada announced further coordinated sanctions to mark one year since the allegedly fraudulent 2020 Belarusian presidential election in response to the continued undermining of democracy and human rights violations by the Lukashenko regime.  The new sanctions follow the imposition by the United States, United Kingdom, European Union and Canada, on June 21, 2021, of targeted financial sanctions against dozens of individuals and entities as well as EU sectoral-style sanctions against certain sectors of the Belarusian economy, as discussed in our June 28, 2021 blog post.
Continue Reading US, UK and Canada Announce Additional Sanctions on Belarus

On June 21, 2021, the United States, the EU, the UK, and Canada announced coordinated sanctions following the forced and unlawful landing of a Ryanair flight in Minsk and the detention by Belarusian authorities of journalist Raman Pratasevich and Sofia Sapega, in May 2021. The sanctions include new EU sectoral-style sanctions against certain sectors of the Belarusian economy, as well as targeted financial sanctions against dozens of individuals and entities in connection with alleged human rights violations and the violent repression of civil society, democratic opposition, and journalists in Belarus.

The new sanctions follow the reactivation, on June 3, 2021, of longstanding sanctions against nine Belarussian companies and their subsidiaries by the US Treasury Department’s Office of Foreign Assets Control (OFAC), as discussed in our April 20, 2021 blog post.Continue Reading Belarus Faces New EU, US, UK, and Canadian Sanctions After Ryanair Flight Diverted