Taking Additional Steps With Respect to the Russian Federation's Harmful Activities
Authorizes Sanctions on Foreign Banks Supporting Russia's Military Industry
What it does
Agencies must impose sanctions on foreign financial institutions supporting Russia's military-industrial base and expand import bans on specified Russian-origin goods.
Real-world impact
- Allows blocking U.S. accounts and freezing assets of targeted foreign banks.
- Expands bans on imports of Russian fish, seafood, alcohol, and diamonds.
- Eliminates prior notice for some listings, making sanctions effective immediately.
Topics
Summary
This order expands U.S. sanctions authority to target foreign financial institutions that carry out significant transactions for people or sectors tied to Russia's military-industrial base. Treasury, working with State and Commerce, may restrict or block accounts and freeze assets of such banks and prohibit donations or payments to blocked persons.
The order also broadens import bans on Russian-origin goods (including fish, seafood, alcoholic beverages, and diamonds), requires Homeland Security to collect enforcement information, and lets agencies issue rules to implement these measures.
Questions, answered
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