Earlier today, President Biden announced that the US, along with Canada, France, Germany, Italy, Japan, the UK and the European Union, will revoke Russia’s Most-Favored-Nation (MFN) status in light of the country’s continued invasion of Ukraine.

Additionally, the White House announced it would be taking the following measures:

• Banning export of luxury goods to Russia and Belarus, and to certain Russian and Belarusian oligarchs and malign actors located worldwide. The rule provides a list of U.S.-origin luxury goods that are impacted by today’s sanctions and includes certain spirits, tobacco products, clothing items, jewelry, vehicles, and antique goods.
• Banning US import of goods from several signature sectors of Russia’s economy— including seafood, spirits/vodka, and non-industrial diamonds.
• Denying borrowing privileges at multilateral financial institutions.
• Full blocking sanctions on additional Russian elites and their family members.
• New guidance by the Department of Treasury to thwart sanctions evasion, including through virtual currency.
• Create the authority to ban new investment in any sector of the Russian Federation economy.

Click here to view the Federal Register notice scheduled to be published on March 16, 2022.

Click here to view the White House fact sheet.

Click here for more information on the Commerce Department’s actions in response to Russia’s invasion of Ukraine.

Shapiro will continue to monitor the situation closely and provide status updates as they become available.