United States, EU and G7 countries announce further economic sanctions against Russia

Each country will implement actions consistent with their national processes.

United States, EU and G7 countries

The G7 member countries—Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States—along with the European Union announced new economic actions to further isolate Russia from the global financial system.

According to a White House release, each country will implement actions consistent with their national processes.

According to today’s announcement, the sanctions will include:

  • Revoking Russia’s “most-favored nation” status
  • Denying borrowing privileges at multilateral financial institutions (such as the International Monetary fund and the World Bank)
  • Sanctions on additional Russian “elites” and their family members
  • Banning exports of luxury goods to Russia—the Bureau of Industry and Security (BIS) of the U.S. Commerce Department released a final rule [PDF 331 KB] for publication in the Federal Register
  • Banning U.S. import of goods from several “signature sectors” (e.g., seafood, vodka, diamonds) of Russia’s economy—read the executive order [PDF 1.23 MB]
  • New guidance by the U.S. Department of Treasury to thwart sanctions evasion, including through the use of virtual currency
  • Creating an authority to ban new investment in any sector of the Russian economy

Read a related EC release

In a related action, the Department of the Treasury's Office of Foreign Assets Control (OFAC) today issued Russia-related:

In addition, OFAC updated its list of specially designated nationals. Read the OFAC release

 

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