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Developments in US sanctions targeting Russia | Allen & Overy LLP


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The Biden administration has issued new sanctions on Russian individuals and entities as well as prohibitions on US financial institutions transactions with Russia s Central Bank, National Wealth Fund, and Ministry of Finance.
Following indications that it would take a tougher stance on Russia, on April 15, 2021, the Biden Administration issued new sanctions targeting Russian individuals and entities for a range of “continued and growing malign behavior” in the form of a new Executive Order (the Russia EO) as well as Directive 1 prohibiting certain activities of U.S. financial institutions (Russia Directive 1). The Russia EO allows for the imposition of sanctions against Russian persons operating in certain sectors of the Russian economy or who have been deemed to engage in a variety of activities contrary to the interests of the United States. Russia Directive 1 prohibits U.S. financial institutions from en ....

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