On March 11, 2022, United States President Biden signed a new Executive Order Prohibiting Certain Imports, Exports, and New Investment with Respect to Continued Russian Federation Aggression.
IMPORT RESTRICTION
(i) the importation into the United States of the following products of Russian Federation origin: fish, seafood, and preparations thereof; alcoholic beverages; non-industrial diamonds; and any other products of Russian Federation origin as may be determined by the Secretary of the Treasury, in consultation with the Secretary of State and the Secretary of Commerce;
LUXURY EXPORTS
(ii) the exportation, re-exportation, sale, or supply, directly or indirectly, from the United States, or by a United States person, wherever located, of luxury goods, and any other items as may be determined by the Secretary of Commerce, in consultation with the Secretary of State and the Secretary of the Treasury, to any person located in the Russian Federation;
NO NEW INVESTMENT
(iii) prohibits new investment in any sector of the Russian Federation economy as may be determined by the Secretary of the Treasury, in consultation with the Secretary of State, by a United States person, wherever located;
FINANCIAL CONTROLS
(iv) the exportation, re-exportation, sale, or supply, directly or indirectly, from the United States, or by a United States person, wherever located, of U.S. dollar-denominated banknotes to the Government of the Russian Federation or any person located in the Russian Federation; and
(v) any approval, financing, facilitation, or guarantee by a United States person, wherever located, of a transaction by a foreign person where the transaction by that foreign person would be prohibited by this section if performed by a United States person or within the United States.
Together with other G7 countries, such as Canada, France, Germany, Italy, Japan, the United Kingdom and the European Union, the U.S. will work to ensure the Russian Federation does not receive Most Favored Nation trade treatment and revoke its Permanent Normal Trade Relations status.
G7 leaders have also agreed to block funding from multilateral financing institutions like the International Monetary Fund and the World Bank.
FACT SHEET: United States, European Union, and G7 to Announce Further Economic Costs on Russia
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