Taking Additional Steps With Respect to the Russian Federation's Harmful Activities

The order amends two earlier executive orders on Russia. First, it adds a new section to EO 14024 authorizing the Treasury Secretary, in consultation with State and Commerce, to sanction any foreign financial institution that conducts or facilitates significant transactions for entities operating in Russia's technology, defense, construction, aerospace, or manufacturing sectors, or that helps move goods into Russia's military-industrial base. Available sanctions include blocking correspondent or payable-through accounts in the United States, or fully blocking all U.S.-held property of the institution. Second, it amends EO 14068 to extend U.S. import prohibitions on Russian fish, seafood, alcoholic beverages, and diamonds — including diamonds processed or incorporated into goods outside Russia — and authorizes Treasury, Commerce, and Homeland Security to designate additional product categories.

The actual imposition of sanctions on any specific foreign financial institution requires a subsequent Treasury determination; no institution is sanctioned by the text of this order itself. Similarly, expanded prohibitions covering diamonds and other products processed outside Russia take effect on dates to be set in future agency determinations rather than automatically on the signing date.

Foreign banks, money services businesses, investment firms, insurance companies, and other foreign financial entities worldwide that handle transactions touching Russia's defense sectors. Importers of Russian fish, seafood, alcoholic beverages, and diamonds — including goods that transited Russia or were processed elsewhere — are also affected.

Foreign financial institutions anywhere in the world now risk being cut off from the U.S. banking system if they facilitate payments or transactions supporting Russia's defense procurement. Importers face a broader list of banned Russian-origin goods, including diamonds rerouted through third countries.

Treasury identifies foreign financial institutions meeting the criteria and issues individual determinations triggering either correspondent-account restrictions or full property blocking. State and Commerce must be consulted before designations. For expanded import prohibitions on diamonds and other processed goods, Homeland Security — with Treasury concurrence — must first issue rules specifying covered product categories and collect customs documentation through an authorized electronic data interchange system. All executive agencies are directed to take appropriate measures to implement the order within their existing authority.