President Biden announced significant new export controls and sanctions against Russia in response to the Russian invasion of Ukraine. The latest sanctions package comes on the heels of a first wave of U.S. sanctions announced over the past several days.
In response to Russia's war operations in Ukraine, the U.S. government and its allies took "unprecedented" actions to impose severe additional sanctions and new export control restrictions.
In his speech on Feb. 24, 2022, President Biden announced a second wave of sanctions designed to seriously impact Russia’s financial sector and access to capital. These measures follow an initial sanctions package announced on Feb. 22, 2022, which was targeted at the so-called Donetsk People’s Republic and the Luhansk People’s Republic (collectively, the Covered Regions) as well as the sanctions relating to Nord Stream 2 issued Feb. 23, 2022.
In response to Russian President Vladimir Putin's continued war operations in Ukraine and military attacks throughout the country, the U.S. government and its allies took "unprecedented" actions.