Publication | BRG
Ukraine- and Russia-Related Economic Sanctions
Dustin Palmer, Christopher Sidler, and Debra Bonosconi
On February 21, 2022, President Joe Biden issued an executive order that blocked new US investment, trade, and financing involving the Russia-backed Ukrainian separatist oblasts (or regions) of Donetsk and Luhansk.
The order followed Russian President Vladimir Putin’s announcement that Russia would recognize the oblasts as independent, an action widely seen as a further escalation of Russian activity related to Ukraine.
As part of the United States’ “first tranche” of sanctions against Russia, the White House on February 22 announced further sanctions against (a) two large financial institutions—VEB and its military bank; (b) Russian sovereign debt; and (c) the Russian elite and their family members.
The international community also has responded swiftly to the situation.
Based on these fast-moving sanctions and governments’ expectations of immediate cooperation to address Russia’s actions in Ukraine, Dustin Palmer, Christopher Sidler, and Deb Bonosconi recommend that financial institutions and other organizations take specific actions regarding the “essential components” of their sanctions compliance programs.