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On April 15, 2021, President Joe Biden issued Executive Order 14024, titled the “Executive Order on Blocking Property With Respect to Specified Harmful Foreign Activities of the Government of the Russian Federation,” which authorized new sanctions on Russia for a variety of “malign” activities, including interference in U.S. elections, cyberattacks against the U.S. and violations of the territorial integrity of other countries. On the same day, the Biden administration imposed a range of blocking sanctions against Russian individuals and entities both pursuant to the newly issued executive order and under certain previous executive orders and issued a new directive prohibiting U.S. financial institutions from engaging in certain transactions in Russian government debt.
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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
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On April 15, 2021, President Biden signed a new Executive Order on Blocking Property
with Respect to Specified Harmful Foreign Activities of the
Government of the Russian Federation (the EO), declaring a
new national emergency and authorizing sweeping sanctions in
response to recent harmful foreign activities
undertaken by the Russian Federation (Russia). That same day, the
US Department of the Treasury (Treasury) took a number of sanctions
actions designed to further protect US national security interests.
These actions include:
A significant new directive prohibiting certain dealings in
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Recently, the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) sanctioned various individuals and entities connected to Russia’s technology sector and also expanded sanctions against dealings in Russian sovereign debt. In addition to these immediate actions, President Biden also issued a new Executive Order which will significantly expand OFAC’s authority to impose future sanctions against Russia.
Background
The White House published a Fact Sheet which explains the recent sanctions actions were a response to Russian election interference and cyber-attacks directed at the United States. A month prior to these sanctions actions, the U.S. National Intelligence Council issued its Foreign Threats to the 2020 U.S. Federal Elections report, which officially concluded that a range of Russian government organizations had attempted to influence the 2020 U.S. presidential election by promoting “misle