The United States and Russia have recently imposed new sanctions on each other. US sanctions on Russia started in 2022, and as the war continues, the sanctions are likely to continue as well. As a result, companies that trade with Russia need to be more careful than ever in order to avoid getting caught in the crossfire. For example, US companies that export goods to Russia need to make sure that their products don’t violate the new sanctions.
In addition, importers should also double-check that their suppliers are not located in an area that is subject to the sanctions. For example, some parts of Russia are currently facing export restrictions that could affect a company’s ability to do business in the country. Finally, importers should also be aware of any new laws or regulations that might have been enacted since the sanctions were imposed. This could include changes to import and export regulations or restrictions on certain types of products.
How is OFAC getting involved? The Office of Foreign Assets Control (OFAC) of the US Department of the Treasury administers and enforces economic and trade sanctions against certain countries, including Russia. Companies that are subject to OFAC Russia sanctions must comply with the regulations and restrictions.
For example, they must not engage in transactions with sanctioned entities and must not export, re-export, or transfer any goods, software, or technology to any sanctioned entities. Additionally, they must not provide services to any sanctioned entities or facilitate transactions between sanctioned entities and other parties. They must also ensure that their suppliers are not located in an area subject to OFAC Russia sanctions.
If you are a company that is subject to OFAC Russia sanctions, you must comply with the regulations and restrictions outlined by the Department of the Treasury. These restrictions include not engaging in transactions with sanctioned entities, not exporting, re-exporting, or transferring any goods, software, or technology to any sanctioned entities, and ensuring that their suppliers are not located in an area subject to OFAC Russia sanctions.