Today, Feb 24, 2022, Washington implemented restrictions on exports to Russia. These measures are meant to "severely restrict Russia's access to technologies and other items that it needs to sustain its aggressive military capabilities." Semiconductors, computers, telecommunications, information systems equipment, lasers, and sensors are now restricted. Additionally, 49 Russian military end-users have been added to the BIS's Entity List. A Federal Register notice with details will be issued soon.

Additionally, the U.S. in partnership with allies and others is targeting the core banking infrastructure in Russia, including sanctioning Russia's two largest banks and almost 90 financial institution subsidiaries around the world. 

These measures follow an Executive Order on Blocking Property of Certain Persons and Prohibiting Certain Transactions With Respect to Continued Russian Efforts to Undermine the Sovereignty and Territorial Integrity of Ukraine issued by President Biden on Feb 21, related to the Donetsk People's Republic (DNR) and Luhansk People's Republic (LNR) regions located in eastern Ukraine near the Russian border. The executive order prohibits the importation and exportation of goods, services, or technology from/to the covered regions, among other restrictions.

Also, the Office of Foreign Assets Control (OFAC) has issued several Ukraine-related General Licenses, and Russia-related Designations, Directives, and General Licenses. 

The situation is extremely fluid. Ports and airspace has been closed in the Ukraine, Russia, Belarus region.

We expect more sanctions and trade disruptions. We'll continue to update you as we receive additional information.

Please refer to the U.S. Dept of Treasury OFAC Recent Actions webpage for more information.