In 2007, the administration of
George W. Bush reacted to human rights violations in Belarus by imposing sanctions against the Belneftekhim concern and certain oil and chemical enterprises. Five years ago, under
Barack Obama, after the release of political prisoners, the sanctions were suspended. Today, within the framework of coercion into dialogue and as a reaction to the total repression that opponents of the Lukashenka regime are again subjected to, the
Joe Biden administration threatens to return sanctions. This time their consequences may turn out to be much more severe for the Belarusian economy.
The newspaper Belarusians and Market studied why the American restrictions are so serious and how they can affect the gross-forming sectors of the national economy
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On April 15, 2021, following discussions just days earlier of a potential summit between President Biden and Russian President Putin and as Russian troops amassed along the Ukrainian border, the Biden Administration issued long-awaited and highly anticipated sanctions against Russia, including a far-reaching new executive order (“
E.O.”), “Blocking Property With Respect To Specified Harmful Foreign Activities Of The Government Of The Russian Federation,” which authorizes sanctions on any “person” (individual or entity) determined to meet an expansive array of criteria related to the Russian Federation’s involvement in, among other things, election interference, political destabilization, cyber-enabled activities, and corruption.
On April 19, the Department of Treasury, Office of Foreign Assets Control (“OFAC”) issued
Belarus General License 2H (“GL2H”) in advance of the expiration of existing license 2G, which had been set to expire on April 26 at 12:01 a.m. eastern daylight time. In a change from previous versions of General license 2, GL2H is not a normal extension of authorization to conduct business with the list of sanctioned Belarus state-owned entities. Instead, GL2H is a 45-day wind-down license to permit the orderly termination of existing transactions by 12:01 a.m. on June 3, 2021 but does
not permit the initiation of completely new business with these entities before the deadline.
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On April 15, 2021, President Biden imposed several new punitive measures targeting Russia, including a new sanctions executive order (“EO”), EO 14024, a Directive prohibiting certain transactions in ruble-denominated debt involving the Russian government, blocking sanctions on a wide array of individuals and entities, and expelling ten Russian diplomats posted to the U.S. In short, the new EO and new Directive expand the scope of existing U.S. sanctions authorities, as well as impose new sanctions and prohibitions, with respect to Russia.
What you need to know
Of particular and immediate impact for U.S.-person entities and individuals, including U.S. financial institutions, are the new sanctions designations and the new prohibitions, effective June 14, 2021, on dealing in ruble-denominated Russian sovereign debt and loans to the Russian Federation. These new restrictions should be factored into potentially impacted c
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Today, the United States announced new sanctions on Russia in response to a widespread hacking campaign targeting the United States, alleged interference in U.S. elections, and other “malign” actions carried out by the Russian government. Today’s actions include sanctions on transactions in the primary market for Russian sovereign debt, Russian technology firms, parties involved in election interference, and parties involved in the Russian administration of the Crimea region. Importantly, the new measures include an Executive Order (E.O.) that authorizes OFAC and other U.S. government agencies to impose additional significant sanctions on Russia in the future, if found to be necessary. The E.O. is designed, in part, to deter future actions by the Russian government that are inimical to U.S. interests.