In response to the escalation of events in Ukraine, the United States, the United Kingdom ("UK") and the European Union ("EU") have continued to impose various sanctions and export controls. Below is an overview of the sanctions and export controls imposed by the United States, UK and EU as of 11:00 a.m. EST June 14, 2022. All updates since the May 13 publication are indicated in red.

In addition to the measures described below, other jurisdictions, including Australia, Canada and Japan, have adopted new sanctions against Russia. Also, on February 28, 2022, Switzerland announced it would adopt all sanctions the EU has imposed on Russia and freeze Russian assets, breaking with the country's historical policy of neutrality.1


The U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC") has imposed under Executive Order 14024: (i) additional prohibitions on Russian sovereign debt and on transactions involving the Central Bank of the Russian Federation, the National Wealth Fund of the Russian Federation and the Ministry of Finance of the Russian Federation; (ii) blocking sanctions on Russian President Vladimir Putin and other Russian government officials, entities and individuals close to President Putin and various financial institutions; (iii) correspondent and payable-through account sanctions on Public Joint Stock Company Sberbank of Russia ("Sberbank"); and (iv) additional prohibitions related to new debt and equity of major Russian state-owned enterprises and large privately owned financial institutions. 2 E.O. 14024 authorizes blocking sanctions on persons determined to operate or have operated in certain specified sectors of the Russian economy and other sectors as determined by the U.S. Secretary of the Treasury, in consultation with the Secretary of State. On May 8, 2022, Treasury expanded the scope of E.O. 14024 under this provision to cover the accounting,3 trust and corporate formation services4 and management consulting5 sectors of the Russian economy. 6

OFAC has also imposed (i) under Executive Order 14065, comprehensive sanctions on the Donetsk and Luhansk regions of Ukraine; and (ii) under Executive Order 14066, a prohibition on imports of certain Russian energy products into the United States and on investments in the Russian energy sector.

In addition, Executive Order 14068 imposed a prohibition on (i) imports into the United States of certain products of Russian origin; (ii) export, reexport, sale or supply from the United States or by a U.S. person7 of luxury goods to any person in Russia; (iii) new investment by a U.S. person in any sector of the Russian economy as may be determined by the Secretary of the Treasury; and (iv) export, reexport, sale or supply from the United States or by a U.S. person of U.S. dollar-denominated banknotes to the Russian government or any person in Russia. Most recently, Executive Order 14071 prohibits new investment in and designated categories of services to the Russian Federation. Pursuant to a May 8, 2022 determination, U.S. persons are prohibited from providing certain accounting, trust and corporate formation and management consulting services to persons in Russia pursuant to this Executive Order. Executive Orders 14065, 14066, 14068 and 14071 also prohibit any approval, financing, facilitation or guarantee of any prohibited transaction by a U.S. person.

Finally, U.S. authorities have imposed blocking sanctions on certain Belarusian persons related to Belarus's support for and facilitation of the Russian military action in Ukraine as well as export controls restricting the access of Russia and Belarus to certain U.S. goods, software and technologies.


Prohibition on New Investment in and Certain Services to Russia

On April 6, 2022, U.S. President Joe Biden signed Executive Order 14071 prohibiting:

  • All new investment in Russia by U.S. persons (wherever located).
  • The exportation, reexportation, sale or supply, directly or indirectly, from the United States, or by a U.S. person (wherever located), to any "person located in the Russian Federation" 8 of any category of services the Secretary of the Treasury may determine.
  • Any approval, financing, facilitation, or guarantee by a U.S. person (wherever located) of a transaction by a foreign person where the transaction by that foreign person would be prohibited by the executive order if performed by a U.S. person or within the United States.9

In addition, any transaction that evades or avoids, has the purpose of evading or avoiding, causes a violation of or attempts to violate any of the prohibitions of the executive order, and any conspiracy formed to violate any of the prohibitions of the order, are prohibited. This prohibition applies to all of the executive orders and to directives issued under E.O. 14024 discussed below.

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1. The Federal Council, "Switzerland adopts EU sanctions against Russia" (Feb. 28, 2022), available here.

2. On March 1, 2022, OFAC published the Russian Harmful Foreign Activities Sanctions Regulations, 31 CFR part 587 ("New Regulations") to implement E.O. 14024. The New Regulations were published in abbreviated form for the purpose of providing immediate guidance to the public. OFAC intends to supplement these regulations with a more comprehensive set of regulations that may include additional interpretive guidance and definitions, general licenses and other regulatory provisions. 87 Fed. Reg. 11297 (Mar. 1, 2022), available here.

3. "Accounting sector" includes the measurement, processing, and evaluation of financial data about economic entities. OFAC Frequently Asked Question ("FAQ") 1038.

4. "Management consulting sector" includes strategic business advice; organizational and systems planning, evaluation, and selection; development or evaluation of marketing programs or implementation; mergers, acquisitions, and organizational structure; staff augmentation and human resources policies and practices; brand management; and executive search and vetting services. Id.; FAQ 1064.

5. "Trust and corporate formation services sector" includes assisting persons in forming or structuring legal persons, such as trusts and corporations; acting or arranging for another person to act as directors, secretaries, administrative trustees, trust fiduciaries, registered agents, or nominee shareholders of legal persons; providing a registered office, business address, correspondence address, or administrative address for legal persons; and providing administrative services for trusts. FAQ 1038.

6. U.S. Department of the Treasury, Determination Pursuant to Section l(a)(i) of Executive Order 14024, available here. This follows determinations made on March 31, 2022, available here (Russian aerospace, marine and electronics sectors), and February 22, 2022, available here (Russian financial services sector). The technology sector and defense and related materiel sector of the Russian economy were identified in E.O. 14024 when it was issued on April 15, 2021.

7. A "U.S. person" is defined as any U.S. citizen, lawful permanent resident, entity organized under the laws of the United States or any jurisdiction within the United States (including foreign branches), or any individual or entity in the United States.

8. OFAC interprets this phrase to include persons in the Russian Federation, individuals ordinarily resident in the Russian Federation, and entities incorporated or organized under the laws of the Russian Federation or any jurisdiction within the Russian Federation. FAQ 1058.

9. 87 Fed. Reg. 20999 (Apr. 8, 2022).

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