Following the two-year anniversary of Russia’s invasion of Ukraine and the recent death of Aleksey Navalny, on February 23, 2024, the Administration announced a new round of export sanctions on Russia.
The new measures include blocking restrictions on over 500 entities and individuals. These restrictions prohibit U.S. persons from transacting business with these parties or with entities that are owned (50% or more) by a listed party. This brings the total number of Russian parties that the United States has sanctioned since 2022 to over 2,000.
In addition to Russia’s military sector, the newly sanctioned entities cover a wide range of industries, including the following: additive manufacturers, machine tools, metalworking, lubricants, coolants, industrial chemicals, electronics, optics, navigation, diamonds, and logistics. Also sanctioned are a number of companies located outside of Russia that the United States has determined to be involved with sanctions evasion and circumvention.
The new sanctions highlight the importance of due diligence and party screening for companies that are engaged in trade with Russia. Should you have any questions regarding these developments or if you require assistance with Russia sanctions compliance, please contact Joseph M. Spraragen or any of our attorneys.
