The Bass, Berry & Sims international trade team is actively monitoring the situation in Russia and Ukraine and providing real-time advice to clients on managing the situation. This post summarizes new U.S. sanctions and export restrictions as of Monday, May 9. This post supplements our previous summaries, which are available by following the links at the end of this blog post.
Commerce Department Adds to Restrictions, Imposes Licensing Requirements on More Russia Exports
On May 9, the U.S. Commerce Department, Bureau of Industry & Security (BIS) announced further restrictions on exports to Russia of items deemed to support Russian military capabilities. Under the rule, the Commerce Department has introduced licensing requirements on hundreds of items that, prior to the rule, would not have required a license for export to otherwise permitted Russian recipients. The items are classified by both Harmonized Tariff Schedule and U.S. Schedule B number. According to BIS, the action has been taken to more closely align the United States with European Union export restrictions related to Russia.