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2024-07-09
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[DR & AJU Issue Report] U.S. Government Significantly Expands Economic Sanctions Against Russia


Foreign Regulatory Report – U.S. Government Significantly Expands Economic Sanctions Against Russia

 

Key Takeaways

 

A. Ban on Supplying Specific IT Services to Russia

 

B. Secondary Sanctions on Foreign Financial Institutions

 

C. Additional Designation of Specially Designated Nationals and Blocked Persons (SDN)

● Five Russian financial institutions: Moscow Exchange (MOEX), National Clearing Center (NCC), JSC National Settlement Depository (NSD), Sogaz, and JSC Russian National Reinsurance Company (RNRC)

● Over 90 entities attempting to evade sanctions

● Over 100 entities supporting Russia’s domestic war economy

● Various entities involved in liquefied natural gas (LNG) projects

 

Implications


Korean financial institutions and companies engaged in direct or indirect business involving Russia should thoroughly understand the details of these sanctions, update their internal compliance programs, and conduct enhanced due diligence when dealing with entities from sanctioned countries, such as Russia.  

Please click the link below to access the report.

https://www.draju.com/ko/sub/newsletters.html?type=view&bsNo=4353&page=1&bcCat=16