New Russia Restrictions: Agency Cooperation and Industry Focus

U.S. agencies teamed up to impose new restrictions on hundreds of entities associated with Russia on February 23, 2024. Companies with possible exposure to such entities face rising due-diligence needs following the measures involving the Departments of the Treasury, Commerce and State. Makers of components, technology or software, and financial institutions are among those that need procedures and employees in place to navigate restrictions. With insights from partners at Ropes & Gray, Perkins Coie, Foley & Lardner and Steptoe, this first article of a two-part series on the new restrictions explores the agencies’ latest measures and collaborative approach, targeted industries and the U.S.’s focus on other countries. Part two will discuss international cooperation and suggested compliance steps. See “U.S. Sanctions Against Russia Expand to Target Foreign Financial Institutions” (Feb. 14, 2024).

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