The U.S. Department of Commerce has announced additional export restrictions to counter Russian aggression, with the Bureau of Industry and Security (BIS) cracking down on diversion tactics. The Office of Foreign Assets Control (OFAC) has also tightened sanctions on Russia, expanding secondary sanctions risk for foreign financial institutions. These measures include sweeping new sanctions and export controls on Russia and Belarus, targeting certain software and related services. The extension of secondary sanctions to Russia's banks, such as VTB, is expected to significantly impact trade, as Russian businesses previously flocked to open accounts at VTB's Chinese branch. Now that VTB is sanctioned, it has become toxic to Chinese banks. The sanctions also encompass EAR99 software controls, and IT and software services.
US Government Throws “Kitchen Sink” #Export Controls at #Russia, Plus Sweeping EAR99 Software Controls, and IT and Software Services #Sanctions https://t.co/xuraP2PniW @ArentFoxSchiff
OFAC Issues New Wave of Russia Sanctions Expanding Secondary Sanctions Risk for Foreign Financial Institutions https://t.co/JDYnhW4qmh | by @Sewkis
The extension of secondary sanctions to Russia's banks is likely to have a big effect on trade. Prior to yesterday, Russian businesses were flocking to open accounts at VTB's Chinese branch. Now that VTB is sanctioned, it's toxic to Chinese banks. https://t.co/ekaaZCscX8
#OFAC Tightens #Russia #Sanctions; BIS Cracks Down on Diversion https://t.co/yn6DA7Z6FV #finance @tradelawnews https://t.co/KP01K2zjow
U.S. Imposes Sweeping New Sanctions and Export Controls on Russia and Belarus, including on Certain Software and Related Services https://t.co/pdGFREvYZy | by @fenwickwest
#OFAC Tightens #Russia #Sanctions; BIS Cracks Down on Diversion https://t.co/yn6DA7Z6FV #finance @SheppardMullin https://t.co/jU4pROH3KT
OFAC Tightens Russia Sanctions; BIS Cracks Down on Diversion https://t.co/U7mhXXyGUA | by @SheppardMullin
Department of Commerce Announces Additional Export Restrictions to Counter Russian Aggression | Bureau of Industry and Security https://t.co/nJvEvgeXKp