New U.S. Sanctions on Russia and Belarus Impose Trade and Investment Restrictions on Luxury Goods and Russia’s Energy Sector
Originally posted on the K&L Gates Hub
By: Jeffrey Orenstein, Steven F. Hill, Stacy J. Ettinger, Erica L. Bakies, Jerome J. Zaucha, Donald W. Smith
As an update to K&L Gates’ previous alerts of 24 February and 25 February, U.S. President Joe Biden issued two executive orders (EOs) last week imposing additional sanctions against Russia. The first order, EO 14066, issued on 8 March 2022, prohibits: (1) U.S. imports of Russian oil and other energy products, and (2) new investments by U.S. persons in Russia’s energy sector. The second order, EO 14068, issued on 11 March 2022, restricts: (1) exports of luxury goods to Russia and Belarus, (2) U.S. imports of Russian alcohol, seafood, and diamonds, and (3) the supply of U.S. dollar-denominated banknotes to Russia and the Russian Government worldwide. This alert describes these new developments in more detail.
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