The U.S. is imposing additional sanctions and new export controls following Russia's "further invasion of Ukraine," as promised by President Biden in his Feb. 22 speech (see 2202220003). The sanctions cover financial restrictions on Russian state-owned enterprises, banks, and individuals, while the export controls set restrictions on a variety of high-tech products. The new measures are part of an "unprecedented level of multilateral cooperation" according to the White House.
The U.S. will set new sanctions against Russian President Vladimir Putin and Foreign Secretary Sergei Lavrov and "members of the Russian National Security Team," said White House Press Secretary Jen Psaki at a press briefing Jan. 25. The decision was reached following a phone call with EU Commissioner Ursula von der Leyen, and the EU announced similar measures the same day. White House Press Secretary Jen Psaki said details would be released later on Feb. 25.
The U.K. amended two entries under its Russia sanctions regime, the Office of Financial Sanctions Implementation said in a Feb. 22 notice. The listings for Bank Rossiya and Black Sea Bank for Development and Reconstruction were revised: the address was updated for the first entry, the Cyrillic name for the second. The two entries were designated as part of the U.K.'s first wave of sanctions on Russia for its movement of troops into Ukraine's Donetsk and Luhansk regions (see 2202220021).
A group of countries aligned themselves with the European Union's sanctions moves relating to its Nicaragua and terrorist sanctions regimes, the European Council said. In January, the council added seven individuals and three entities to the Nicaragua sanctions list. In response, North Macedonia, Montenegro, Serbia, Albania, Iceland, Liechtenstein, Norway, Ukraine, Moldova and Georgia also implemented these additions, the council said. The council also updated its terrorist sanctions regime Feb. 3, and North Macedonia, Montenegro, Serbia, Albania, Bosnia and Herzegovina, Iceland, Liechtenstein, Ukraine and Moldova implemented the changes in response.
The EU and the U.K. announced restrictive measures Feb. 22 on Russian individuals and entities in response to Russia mobilizing troops in Ukraine's Donetsk and Luhansk regions.
China sanctioned U.S. weapons manufacturers Raytheon and Lockheed Martin under its Anti-Foreign Sanctions Law in response to the companies selling arms to Taiwan, a Chinese Foreign Ministry spokesperson said Feb. 21, according to the translated transcript of a regular press conference in Beijing. The U.S. Defense Security Cooperation Agency announced Feb. 7 the State Department greenlighted a $100 million sale of arms to back Taiwan's use of the Patriot Air Defense System. China implemented its Anti-Foreign Sanctions Law in June 2021 and is now using it to counteract the alleged violation of the "one-China principle" and uphold China's "sovereignty and security interests," the spokesperson said.
The Office of Foreign Assets Control designated three individuals, nine entities and one vessel on Feb. 23 as part of its counterterrorism efforts. Abdo Abdullah Dael Amed of Yemen, Chiranjeev Kumar Singh of India, and Konstantinos Stavridis of Greece were added to the Specially Designated Nationals list, along with entities in Turkey, Yemen and the United Arab Emirates. The Department of the Treasury said in a press release said that the targets were key components in a "complex international network of intermediaries" helping to finance Houthi rebels in Yemen.
President Joe Biden said in a Feb. 23 statement that the U.S. will impose sanctions against the Nord Stream 2 pipeline company and its corporate officers. Nord Stream 2 AG is a project company established for planning, construction and subsequent operation of the pipeline. It is owned by a subsidiary of Gazprom. Biden said the sanctions are "another piece" of America's initial tranche of sanctions and that the administration "will not hesitate to take further steps if Russia continues to escalate."
More sectoral sanctions targeting vulnerable elements of the Russian economy that rely on imports, such as semiconductors and other high-tech products, appear likely, said trade lawyers on a Feb. 23 panel hosted by law firm Thompson Hine. Following President Joe Biden's executive order and statements imposing sanctions on Russia (see 2202220003), they agreed, "the [U.S.] government is holding more in its back pocket" following the first tranche of sanctions announced on Feb. 21 and 22.
The European Commission published a 69-page directive that is meant to be the foundation for European Union legislation requiring that large companies implement due diligence on environmental and social costs in their supply chains. The European Parliament and European Council will vote on the proposal, and if it is adopted, EU countries will have two years to write national laws to implement it.