- Economic sanctions and export restrictions extended
- Russian investment in United States likely subject to heightened scrutiny
- Diligence on Russia transactions and business partners is essential to ensure compliance
Since the beginning of August 2018, the United States has taken multiple actions that will affect U.S. trade with Russia. The actions cover exports to Russia, doing business with Russian partners, and potential Russian investment in the United States. These actions have added to the already challenging landscape of conducting business in and with Russia.
Economic Sanctions in Place Since 2014 Are Expanded Again
The United States has maintained targeted economic sanctions on Russia since 2014. Most of these sanctions are administered by the U.S. Treasury Department, Office of Foreign Assets Control (OFAC).
These sanctions ensnare many prominent Russian individuals and entities. They have also ensnared prominent U.S. companies: see our July 2017 blog post on penalties imposed against Exxon for Russia sanctions violations. For an example of how sanctions have been periodically and consistently extended, see our September 2016 blog post.