Prohibiting Certain Imports, Exports, and New Investment With Respect to Continued Russian Federation Aggression

Executive Order (EO) 14068, signed by President Biden in March 2022, uses the President’s economic powers to tighten sanctions in response to continued Russian aggression. It builds on prior emergency measures and imposes new prohibitions designed to restrict Russia’s access to certain goods, luxury items, and financial resources, and to curb U.S. investment in Russia. Specifically, it bans certain imports from Russia (notably seafood, alcohol, non-industrial diamonds, and other items the government may later designate), prohibits the export or sale of luxury goods to Russia by U.S. persons, bars new U.S. investment in any sector of the Russian economy (as designated by U.S. Treasury in coordination with State and Commerce), and forbids U.S.-denominated banknotes from being exported to the Russian government or Russian entities. It also prohibits U.S. persons (and their foreign counterparts acting on their behalf) from facilitating prohibited transactions. The order authorizes Treasury and Commerce, with State input, to issue implementing rules and licenses and to redelegate authorities as needed, and it contains definitional and interpretive provisions to ensure consistent administration. The order includes carve-outs for certain official government and U.N. activities and emphasizes that existing contracts may be subject to licenses or regulations.