On February 24, 2022, the U.S. Department of Commerce’s Bureau of Industry and Security (BIS) imposed sweeping restrictions on exports to Russia in response to an invasion of Ukraine.
On February 23 and 24, 2022, the United States, through the Department of Commerce’s Bureau of Industry and Security (“BIS”) and the Department of the Treasury’s Office of Foreign.
Major Russian Banks Blocked from the U.S. Financial System. Six major Russian banks VEB, Promsvyazbank PSB, VTB Bank, Otkritie, Sovcombank, and Novikombank were named Specially Designated Nationals SDNs, effectively cutting them off from any activity.
The Department of Commerce published a final rule revising the organization and substance of the foreign-direct product FDP rules. This rule reflects the continued effort to limit Huawei’s access to technology and software that support 5G infrastructure.