OFAC Designates New Persons in Response to Referenda in Ukraine: On Friday, the Treasury Department’s Office of Foreign Asset Control designated 14 persons in Russia’s military-industrial complex, including two international suppliers, three key leaders of Russia’s financial infrastructure, immediate family members of some of senior Russian officials, and 278 members of Russia’s legislature for enabling Russia’s sham referenda and attempt to annex sovereign Ukrainian territory. The designated individuals were added to the Specially Designated Nationals list. The Department issued these restrictions in response to Russian-led referendums in eastern Ukraine; in announcing the sanctions, Treasury Secretary Janet Yellen said, “We will not stand by as Putin fraudulently attempts to annex parts of Ukraine. The Treasury Department and U.S. government are taking sweeping action today to further weaken Russia’s already degraded military industrial complex and undermine its ability to wage its illegal war.” (https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20220930).
New OFAC FAQ Warns of Increased Secondary Sanctions Risk: In addition to the new designations, OFAC released a new FAQ on Friday warning that the US “is prepared to more aggressively use its authorities under existing U.S. sanctions programs to target such persons whose activities may constitute material assistance, sponsorship, financial, material, or technological support for, or goods or services to, or in support of (together “material support”), sanctioned persons or sanctionable activity,” even if these individuals are not US persons. The FAQ lists activity of particular focus, including providing support for Russian-led referenda in eastern Ukraine, providing support to the Russian military and defense industrial base, attempting to circumvent US sanctions on Russia and Belarus, and providing support to Russian entities or individuals subject to blocking sanctions. (https://home.treasury.gov/policy-issues/financial-sanctions/faqs/1091)
BIS Adds 57 to the Entity List: The Department of Commerce’s Bureau of Industry and Security also issued a new rule adding 57 entities located in Russia and the Crimea region of Ukraine to the Entity List for supporting the Russian invasion of Ukraine. Under Secretary of Commerce for Industry and Security Alan Estevez confirmed that this addition was done in response to the Russian referenda in eastern Ukraine. (https://www.bis.doc.gov/index.php/documents/about-bis/newsroom/press-releases/3146-2022-09-30-bis-press-release-bis-adds-57-to-entity-list-final/file).
BIS FAQ Clarifies Future Designations in Third Countries: In addition to the new additions to the entity list, BIS published an FAQ discussing the Bureau’s ability and willingness to impose export control restrictions on companies or government entities in third countries (outside of Russia or Belarus) that support the Russian and Belarusian military. The FAQ states, “The Department of Commerce is prepared to aggressively apply export controls imposed in response to Russia’s war of aggression against Ukraine against any entities, both inside and outside of Russia, that seek to provide material support for Russia and Belarus’s military and industrial sectors, including to replenish (“backfill”) technologies and other items prohibited by the United States and the 37 allies and partners that have implemented substantially similar controls.” (https://www.bis.doc.gov/index.php/documents/about-bis/3145-2022-09-30-bis-faq-third-country-application-of-controls/file).
State Department Expands Visa Restrictions:Joining other sanctioning authorities, the State Department imposed visa restrictions on 910 individuals in response to Russian-organized referenda in Ukraine. The restrictions include members of the Russian Federation military, Belarusian military officials, and Russia’s proxies for violating Ukraine’s sovereignty, territorial integrity, and political independence. The State Department also designated Russian national, Ochur-Suge Mongush, for his involvement in a gross violation of human rights perpetrated against a Ukrainian prisoner of war. Under this authority, Mongush and his immediate family members are ineligible for entry into the United States. (https://www.state.gov/imposing-swift-and-severe-costs-in-response-to-russias-violations-of-ukraines-sovereignty/).
Department of Justice Asks Congress for RICO Reform to Enforce Sanctions: During a Congressional hearing on Tuesday, Department of Justice official Andrew Adams asked Congress for permission to use the Racketeer Influenced and Corrupt Organizations Act (“RICO”) as a means to pursue sanctioned Russian assets in the United States. The rule change would allow authorities to take control of, rather than only freeze, sanctioned Russian assets in the US. (https://thehill.com/policy/finance/3566376-doj-pitches-senate-on-use-on-anti-mafia-laws-to-seize-russian-assets/)
Sanctions’ Impact on US Gas Prices Unclear: Though international sanctions on Russian oil may disrupt shipments and lead to an increase in gasoline prices, Alabama’s AAA Director Chris Ingraham said “it’s [rising gas prices] certainly possible, but right now, it’s just too early to tell.” (https://www.wbrc.com/2022/07/20/dropping-gas-prices-could-rise-again-by-end-year-with-potential-sanctions-russian-oil/)
Group Creditors of Ukraine to Honor Ukraine’s Request for Suspension of Debt Service: The Group of Creditors of Ukraine, which includes the US, 5 other participants, and observers in 15 counties, announced on Wednesday their intent to honor Ukraine’s request for a coordinated suspension of debt service through the end of 2023. Treasury Secretary Janet Yellen welcomed the development, and added, “I reiterate the call to all other bilateral official and private creditors to join this initiative and assist Ukraine as it defends itself from Russia’s unprovoked and brutal war.” (https://home.treasury.gov/news/press-releases/jy0884; https://home.treasury.gov/news/press-releases/jy0883)
President Biden Signs Executive Order for Wrongfully Detained Persons: On Tuesday, President Biden declared a national emergency and signed an executive order to increase efforts to bring hostages home. The order authorizes agencies to impose costs and consequences, including sanctions, on those involved in wrongful detentions; improves information sharing across agencies on the issue; and directs government exports to develop strategies to deter future hostage-taking efforts. The State Department will take the lead in identifying sanctions targets. Since the start of the invasion of Ukraine, Russia has wrongfully detained several US citizens. (https://www.whitehouse.gov/briefing-room/presidential-actions/2022/07/19/executive-order-on-bolstering-efforts-to-bring-hostages-and-wrongfully-detained-united-states-nationals-home/; https://www.whitehouse.gov/briefing-room/statements-releases/2022/07/19/fact-sheet-the-biden-administration-builds-on-efforts-to-bring-home-american-hostages-and-wrongful-detainees/; https://www.whitehouse.gov/briefing-room/statements-releases/2022/07/19/background-press-call-on-president-bidens-new-executive-order-to-bolster-efforts-to-bring-home-american-hostages-and-wrongful-detainees/).
US Prosecutors Ask Congress For Broader Powers To Seize Assets Of Russian Oligarchs: During a hearing before the Senate Judiciary Committee on Tuesday, head of the U.S. Department of Justice’s KleptoCapture task force Andrew Adams asked Congress to provide the DOJ with broader authority to “seize Russian oligarchs’ assets” by increasing the statute of limitation for certain financial crimes to ten years and by allowing the “forfeiture of assets used to evade U.S. sanctions” in an attempt to “increase pressure on Moscow over its invasion of Ukraine.” (https://www.rferl.org/a/russian-oligarchs-asset-seizures-congress/31950695.html).
Secretary of the Treasury Meets with Korean Leaders: In a Tuesday meeting with Korean President Yoon Suk Yeol, Secretary of the Treasury Janet Yellen “discussed ongoing efforts to hold Russia accountable for its brutal and illegal war against Ukraine—including through a price cap on Russian oil to reduce the impact of Putin’s war on global energy prices while limiting revenue for Russia’s war machine.” She expressed similar sentiments in a meeting with Korean Deputy Prime Minister Choo Kyung-ho. (https://home.treasury.gov/news/press-releases/jy0878; https://home.treasury.gov/news/press-releases/jy0877).
US to Maintain Export Controls on Russia: Secretary of Commerce for Industry and Security Alan Estevez stated during the House Foreign Affairs Committee Hearings that the US will maintain its export controls against Russia “as long as it believes that the Russian side is allegedly violating international laws.” (https://www.bloomberg.com/news/articles/2022-07-19/bis-chief-sees-us-allies-russia-sanctions-work-as-china-option; https://tass.com/economy/1482101).
Secretary of State Meets with Ukrainian First Lady: On Monday, Secretary of State Antony Blinken met with Ukrainian First Lady Olena Zelenska. The pair discussed the “immense and growing human costs” of the invasion of Ukraine, and Secretary Blinken reiterated the US’s continued support for Ukraine. (https://www.state.gov/secretary-blinkens-meeting-with-ukraines-first-lady-zelenska/).
Ukrainian Officials Accuse Major Tech Companies of Failing to Remove Russian Propaganda: As the conflict in Ukraine drags on, Ukrainian officials are alleging that major US tech companies are not upholding their commitment to remove Russian propaganda from their platforms. The Washington Post reported that Ukrainian officials have flagged thousands of posts on Twitter and YouTube that are in violation of misinformation policies implemented after the invasion of Ukraine, but are still on the platforms. (https://www.washingtonpost.com/technology/2022/07/14/ukraine-takedown-requests-russia-propaganda/).
Deputy Treasury Secretary Discusses Russia Response with Moldovan PM: In a Monday meeting with Moldovan Prime Minister Natalia Gavrilița, Deputy Treasury Secretary Wally Adeyemo discussed “global economic spillovers caused by Russia’s unprovoked and unjustified war against Ukraine.” They also discussed external financing multilateral organizations have provided to Moldova in response to the invasion, including $130 million from the US. (https://home.treasury.gov/news/press-releases/jy0876).
US International Trade Commission Declines to Issue Tariffs on Russian Fertilizer: On Monday, the US International Trade Commission revoked anti-dumping duties in place on urea ammonium nitrate fertilizer from Russia and Trinidad and Tobago. The move will ease shortages and increasing prices, and it marks rare trade relief for Russia toward the US. (https://www.reuters.com/markets/commodities/us-panel-revokes-duties-fertilizers-russia-trinidad-tobago-2022-07-18/).
House Passes Amendment on CAATSA Sanctions Waiver for India: On Thursday, the House of Representatives passed a legislative amendment to approve a waiver to India under the Countering America’s Adversaries Through Sanctions Act (CAATSA) for its purchase of the 2-400 missile defense system from Russia. Congressman Ro Khanna introduced the amendment, which urges the Biden administration to use its authority to provide India with a waiver. Khanna said, “The United States must stand with India in the face of escalating aggression from China. As Vice Chair of the India Caucus, I have been working to strengthen the partnership between our countries and ensure that India can defend itself along the Indian Chinese border.” (https://www.ndtv.com/india-news/us-house-of-representatives-votes-for-india-specific-caatsa-sanctions-waiver-3159584).
Biden Cautions that Gas Prices Unlikely to Fall for Several More Weeks: On his visit to Saudi Arabia, President Joe Biden shared on Friday that gas prices have been coming down, but warned that his visit would not have an immediate impact, “I suspect you won’t see that for another couple of weeks.” (https://apnews.com/article/biden-jerusalem-israel-middle-east-west-bank-67e271cdc2468753dea2a3d666a4a002).
Yellen Meets with Indonesian Finance Minister at G20 Summit: At the G20 Finance Ministers and Central Bank Governors Meeting, Treasury Secretary Janet Yellen met with Indonesian Finance Minister Sri Mulyani Indrawati to express the importance of a price cap on Russian oil and reiterate a commitment in working closely with Indonesia through the food security crisis exacerbated by the Russian invasion of Ukraine. (https://home.treasury.gov/news/press-releases/jy0871).
Assistant Secretary of State to Travel to Europe to Build Military Support for Ukraine: On Friday, the State Department announced that Assistant Secretary of State for Political-Military Affairs Jessica Lewis will travel to the UK, Germany, and Poland on July 16-22 to meet with U.S. allies regarding future military assistance for Ukraine. (https://www.state.gov/assistant-secretary-of-state-for-political-military-affairs-jessica-lewis-travels-to-the-united-kingdom-germany-and-poland/).
OFAC Issues New Licenses and Amends FAQs: On Thursday, OFAC issued four new licenses and three amendments to FAQs. (https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20220714).
o General License No. 6B: Revises and replaces General License 6A to authorize transactions related to agricultural equipment. (https://home.treasury.gov/system/files/126/russia_gl6b.pdf).
o General License 25C: Revises and replaces General License 25B to add new Russian media companies with whom transactions need to be separately authorized. (https://home.treasury.gov/system/files/126/russia_gl25c.pdf).
o General License 30A: Permits transactions involving SEFE Securing Energy for Europe GmbH or any entity in which it owns a 50 percent or greater interest. (https://home.treasury.gov/system/files/126/russia_gl30a.pdf).
o General License 44: Permits the export or reexport of accounting services related to tax preparation or filing to any individual who is a U.S. person located in Russia. (https://home.treasury.gov/system/files/126/russia_gl44.pdf).
o FAQ 1039 and 1040: OFAC revised its revises FAQs related to telecommunications and agricultural commodities to include General Licenses 6B and 25C. (https://home.treasury.gov/policy-issues/financial-sanctions/faqs/updated/2022-07-14).
o FAQ 1039 clarifies that transactions ordinarily incident and necessary to the exportation or reexportation of agricultural commodities that involve Agropromyshlennyi Kompleks Voronezhskii OOO, Anninskii Elevator OOO, and Azovskaya Zernovaya Kompaniya OOO.
OFAC Releases Fact Sheet on Agricultural Sanctions: On Thursday, OFAC released a fact sheet clarifying that US sanctions on Russia do not restrict “the production, manufacturing, sale, or transport of agricultural commodities (including fertilizer), agricultural equipment, or medicine.” It clarifies that sanctions do not restrict insurance on shipments of agricultural products from or involving Russia, as well. It also notes that, while Russian-origin seafood may not be imported to the United States, US persons are not exposed to sanctions for arranging for Russian-origin seafood imports in other jurisdictions, so long as the transaction does not ultimately bring the Russian seafood to the US or involve an otherwise sanctioned person or transaction. (https://home.treasury.gov/system/files/126/russia_fact_sheet_20220714.pdf).
OFAC Removes Kazakh Affiliates of Alfa Bank from SDN List: On Thursday, OFAC announced that it had removed SUBSIDIARY BANK ALFA-BANK JSC (a.k.a. JSC SB ALFA BANK) and JSC SB ALFA BANK (a.k.a. SUBSIDIARY BANK ALFA-BANK JSC) from the specially designated nationals list. Both entries referred to Alfa Bank’s Kazakh subsidiary in Almaty. (https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20220714).
Yellen Holds Press Conference Ahead of G20 Summit in Indonesia, Pushes for Price Cap: Treasury Secretary Janet Yellen pushed for a price cap on Russian oil at a news conference on Thursday ahead of the G20 summit of finance ministers in Bali. Yellen mentioned an exception that would allow Russia to export as long as the price does not exceed a certain level. Yellen also discussed the “deteriorating global economic conditions” since the Russian invasion of Ukraine and debt restructuring for developing countries. (https://home.treasury.gov/news/press-releases/jy0865).
Biden Reiterates Commitment to Support Ukraine in Visit to Israel: During President Biden’s four-day visit to Israel and Saudi Arabia, he spoke at a news conference in Jerusalem, reaffirming U.S. commitment to help Ukraine defend its democracy. He stated that, “Putin’s war must be a strategic failure.” While Israel has expressed support for Ukraine, Israel’s government has been wary of being too critical of Russia in order to avoid provoking problems in the Middle East. (https://www.nytimes.com/2022/07/14/world/middleeast/biden-israel-food-crisis-ukraine.html?smid=url-share).
White House Releases Press Statement on Russia’s “Filtration” Operations and Forced Deportation: Secretary of State Antony Blinken released a press statement on Wednesday calling on Russia to halt its “filtration” operations and forced deportations of Ukrainian citizens. The statement condemned Russia’s forced deportations as a “grave breach” of the Fourth Geneva Convention. Blinken called for the immediate release of detained Ukrainian citizens and to provide independent third parties access to the “filtration” facilities. (https://www.state.gov/russias-filtration-operations-forced-disappearances-and-mass-deportations-of-ukrainian-citizens/).
Comment on EU Sanctions and Shipments from Kaliningrad: The State Department issued a press statement Wednesday that welcomed the EU announcement about its implementation of economic sanctions on Russia with respect to Kaliningrad. The statement applauded the actions of the EU member states but noted that “there is not now and there never has been a so-called ‘blockade’ of Kaliningrad.” (https://www.state.gov/eu-sanctions-on-russia-and-shipments-to-and-from-kaliningrad/).
State Department Official Discusses Future Sanctions: Deputy Assistant Secretary of State for the Bureau of Economic and Business Affairs, Erik Woodhouse, stated that the administration will continue to identify “additional targets” to escalate economic pressure on Russia if necessary in a Wednesday news conference at the State Department’s Foreign Press Center. Woodhouse declined to comment on the specifics of any potential future sanction actions. He also stated that the U.S. has “borne some of the costs” of sanctions on Russia, but noted that European countries “face a more intense situation.” (https://tass.com/politics/1479587; https://tass.com/world/1479605).
Treasury Secretary Discusses U.S. Economic Assistance for Ukraine with Finance Minister: Deputy Secretary of the Treasury Wally Adeyemo discussed further U.S. aid to Ukraine with Ukraine Minister of Finance Sergii Marchenko in a call on Wednesday. Adeyemo reaffirmed the U.S. commitment to Ukraine and the Treasury’s continued role in sanctions on Russia. Adeyemo and Marchenko also discussed progress towards implementing a price cap on Russian oil. (https://home.treasury.gov/news/press-releases/jy0864).
National Security Advisor States Oil Price Cap Negotiations Are Ongoing: During travel in Israel on Wednesday, National Security Advisor Jake Sullivan stated that the U.S. is holding “detailed discussions” with the EU and UK regarding a price cap on Russian oil. He warned that this “is not a process that will be completed in days. It will take time because of the number of elements that have to be worked through.” (https://www.reuters.com/markets/commodities/us-europe-working-out-details-russian-oil-price-cap-us-official-2022-07-13/).
Deputy Commerce Secretary Meets with EC Trade Official on Sanctions: On Wednesday, Deputy Secretary of Commerce Don Graves met with European Commission Director General for Trade Sabine Weyand. The meeting “served as a continuation of ongoing discussions between the Commerce Department and the Director General regarding multilateral export controls against Russia.” The pair discussed information exchange and enhanced sanctions enforcement. (https://www.commerce.gov/news/press-releases/2022/07/readout-deputy-secretary-graves-meeting-ec-director-general-trade).
US and Japanese Finance Ministers Unite to Mitigate Economic Impact of Ukraine War: U.S. Treasury Secretary Janet Yellen and Japanese Finance Minister Shunichi Suzuki met on Tuesday and reiterated their agreement to tackle the economic impact of Russia’s war in Ukraine. While a cap price for Russian oil has not officially been confirmed, it was a topic of conversation and will continue to be important in the discussions. While the Yen is rapidly weakening, the leaders reaffirmed their “strong condemnation of Russia’s unprovoked, unjustifiable, and illegal war against Ukraine” signaling that they intend to continue to increase the cost of the war for Russia through sanctions. They also discussed efforts to combat food insecurity stemming from the conflict in Ukraine. (https://home.treasury.gov/news/press-releases/jy0858;https://home.treasury.gov/news/press-releases/jy0857;https://www.reuters.com/world/treasurys-yellen-japans-suzuki-discuss-weak-yen-more-sanctions-russia-2022-07-11/).
US Tech Companies Apple and Zoom Face Fines in Russia Over Data Localization Law: On Tuesday, Russian telecommunications authorities assessed fines on Apple and Zoom for refusing to comply with new data localization laws that require companies to store data on Russian users in Russian territory. Apple was assessed a 2 million ruble ($34,000) fine, and Zoom was assessed a 1 million ruble ($17,000) fine. (https://www.reuters.com/technology/russia-fines-apple-over-alleged-data-storage-violation-ifax-2022-07-12/).
Secretary of State Blinken Presses China to Avoid Neutrality in Russia-Ukraine Conflict: During G20 meetings on Saturday, Secretary of State Antony Blinken met with Chinese Foreign Minister Wang Yi for five hours, and urged him to join the international community and “stand up” against Russia’s war in Ukraine. Chinese press surrounding the meeting said that Foreign Minister Wang accused Secretary Blinken of “recycling Cold War-era strategies of containment” and the US more generally of having “China-phobia.” (https://www.nytimes.com/2022/07/09/world/europe/ukraine-blinken-russia-war.html?smid=url-share).
US Praises Canadian Decision to Send Turbine Part to Nord Stream Pipeline:On Monday, State Department Spokesman Ned Price issued a statement saying that the US supports Canada’s decision to provide the Nord Stream pipeline with a turbine; such a transaction would otherwise be in violation of Canada’s sanctions on Russia. He added that the US is working with allies “to reduce our collective dependence on Russian energy and maintain pressure on President Putin.” (https://www.state.gov/the-united-states-supports-canadas-decision-to-return-turbine-to-germany/; https://thehill.com/homenews/administration/3552870-blinken-backs-canadian-move-to-help-germany-import-natural-gas-from-russia/).
Treasury Secretary Yellen Embarks on Campaign to Build Support for Russian Oil Price Cap: On Monday, Secretary of the Treasury Janet Yellen began a trip to Japan, the G20 Summit in Indonesia, and South Korea; a primary focus of her trip will be to build international support for a price cap on Russian oil. The G7 agreed to the proposed cap at their recent summit, but allies and partners are working on enforcement mechanisms for the cap. Her meetings in Japan on Tuesday will include discussions on further sanctions on Russia, improving supply chain resiliency, and strengthening the Japanese yen. (https://www.wsj.com/articles/janet-yellen-begins-asia-trip-to-win-support-for-cap-on-russian-oil-price-11657553958?mod=Searchresults_pos2&page=1; https://finance.yahoo.com/news/treasurys-yellen-japans-suzuki-discuss-210000693.html).
US Pressing Allies to Provide Soviet-Made Weapons to Ukraine: Anticipating that the US will not authorize additional military assistance to Ukraine once the current funding allocation runs out, the Biden administration is reportedly pressuring allies to provide Ukraine with Soviet-made weapons, which Ukrainian forces are already familiar with. President Biden is expected to raise this issue during his upcoming travel to the Middle East. (https://www.nytimes.com/2022/07/09/us/politics/ukraine-strategy-biden.html?searchResultPosition=2).
Public Clash Between U.S. Representative & Zelenskyy’s Chief of Staff:Congresswoman Victoria Spartz (R-IN), the first and only Ukrainian-born Member of Congress, publicly questioned the allegiance of Ukrainian President Volodymyr Zelenskyy’s Chief of Staff Andriy Yermak on Saturday. She alleged that Yermak was leaking information to Belarus and Russia, and mismanaging peace negotiations prior to the invasion of Ukraine. Ukraine’s Foreign Ministry released a statement responding to her allegations, saying, “We advise Ms. Spartz to stop trying to earn extra political capital on baseless speculation around the topic of war in our country and the grief of Ukrainians.”(https://www.indystar.com/story/news/politics/2022/07/10/rep-victoria-spartz-indiana-ukraine-news-2022-russian-invasion/10022215002/ ; https://www.politico.com/news/2022/07/09/ukraine-foreign-ministry-blasts-rep-victoria-spartzs-cynical-allegations-00044860).
National Security Advisor Says Iran is Prepared to Supply Russia with Weapons-Capable Drones: Speaking to assembled press on Monday, National Security Advisor Jake Sullivan said that the US has intelligence indicating that Iran is prepared to supply Russia with drones, including weapons-capable drones, as early as July. He said, “[i]t’s unclear whether Iran has delivered any of these UAVs to Russia already. But this is just one example of how Russia is looking to countries like Iran for capabilities that … have been used before we got the ceasefire in place in Yemen to attack Saudi Arabia.” (https://www.cnn.com/world/live-news/russia-ukraine-war-news-07-11-22/h_f4da6dd2c321fea1ae0bdcdb43a915e5).
USAID Approves $1.7 Billion in Assistance for Ukraine: On Saturday, Ukrainian Prime Minister Denys Shymal announced that the Ukrainian government and the US Agency for International Development (“USAID”) had reached an agreement for a $1.7 billion grant to Ukraine for medical guarantees. (https://news.yahoo.com/ukraine-receive-1-7-billion-141600019.html).
Sanctions on Russian Debt Complicating Insurance Payouts: After Russia defaulted on its debt in May, investors, like US bond giant PIMCO, are waiting for guidance from the Treasury Department’s Office of Foreign Assets Control (“OFAC”) on the legality of credit default swap auctions of Russian debt. OFAC currently restricts US investors from purchasing Russian securities in secondary markets. Analysts have described the situation as “unprecedented,” and if the situation remains unresolved, sellers may look to private sales of Russian credit default swaps. (https://www.reuters.com/markets/europe/sanctions-russias-debt-entangle-default-insurance-payouts-2022-07-08/).
US to Send $400 Million of Military Equipment to Ukraine: On Friday, the White House authorized a $400 million drawdown of defense articles and services to Ukraine. The package will include additional High Mobility Artillery Rocket Systems and ammunition, tactical vehicles, ammunition, munitions, counter battery systems, and spare parts. (https://www.defense.gov/News/Releases/Release/Article/3087750/400-million-in-additional-security-assistance-for-ukraine/; https://www.whitehouse.gov/briefing-room/presidential-actions/2022/07/08/memorandum-on-the-delegation-of-authority-under-section-506a1-of-the-foreign-assistance-act-of-1961-9/).
State Department Official Highlights Sanctions Impact: Speaking at a Washington Foreign Press Center briefing on Thursday, Deputy Assistant Secretary of State for European and Eurasian Affairs Douglas Jones highlighted the impact of sanctions on the Russian economy, and promised to maintain sanctions pressure. He said, “we will continue to put the economic pressure on Russia and raise the cost to Russia for this going forward, not only to continue the sanctions but continue to broaden them, and also to enhance their implementation to make sure that enforcement is stronger. And we’ll continue that as long – as the leaders said, continue this as long as it takes.” (https://www.state.gov/briefings-foreign-press-centers/key-outcomes-from-the-madrid-summit).
Senators Graham, Blumenthal Visit Kyiv: On Thursday, Senators Richard Blumenthal (D-CT) and Lindsey Graham (R-SC) met with Ukrainian President Volodymyr Zelenskyy in Kyiv. President Zelenskyy praised the bipartisan nature of this delegation, saying it demonstrates the deep support for Ukraine in the US legislature. Though discussion appeared to focus on US security assistance to Ukraine, the group also discussed increasing sanctions; according to the Ukrainian President’s press office, “Lindsey Graham and Richard Blumenthal informed Volodymyr Zelenskyy about the work they are carrying out in the Senate with the aim of recognizing the Russian Federation as a state sponsor of terrorism.” (https://www.president.gov.ua/en/news/prezident-zustrivsya-iz-senatorami-ssha-lindsi-gremom-i-rich-76337).
US Congressman Ro Khanna Proposes CAATSA Sanctions Waiver for India: On Wednesday, Congressman Ro Khanna (D-CA) proposed a waiver for the Countering America’s Adversaries through Sanctions Act (“CAATSA”) for India, despite the country’s purchase of Russian weapons, as an amendment to the National Defense Authorization Act. He stated that the amendment was necessary to deepen US-India defense ties, as China threatens Indian security. (https://www.republicworld.com/world-news/rest-of-the-world-news/us-lawmaker-backs-caatsa-sanctions-waiver-to-india-avers-its-in-washingtons-interest-articleshow.html).
Russian Oligarch Roman Abramovich Reportedly Engages US Representation Amid Plane Seizures: On Wednesday, The Wall Street Journal reported that Russian oligarch, sanctioned by the UK, EU and Canada, has secured US legal representation following recent action by US authorities to seize his assets. While Abramovich isn’t sanctioned in the US, American authorities filed a warrant last month to seize two of his aircraft for flying to Russia in breach of US sanctions. (https://www.wsj.com/articles/u-s-law-firm-to-represent-russian-oligarch-roman-abramovich-as-u-s-seeks-to-seize-his-planes-11657111588).
Secretary of State Calls Ukrainian Counterpart: On Wednesday, Secretary of State Antony Blinken called Ukrainian Foreign Minister Dmytro Kuleba. They discussed the upcoming G20 foreign minister’s meeting, multilateral efforts to improve agricultural exports out of Ukraine, and US security assistance to Ukraine, including a preview of coming budget support for Ukraine. (https://www.state.gov/secretary-blinkens-call-with-ukrainian-foreign-minister-kuleba-26/).
FBI Director Suggests China Taking Lessons from Russia Sanctions: In a rare public statement during a trip to the UK on Wednesday, FBI Director Christopher A. Wray warned the threat posed by the Chinese government to Western companies is “getting worse” and suggested China may be taking steps to insulate itself from economic repercussions if it invades Taiwan. He noted that China “is drawing all sorts of lessons from what’s happening with Russia and its unprovoked invasion of Ukraine.” (https://www.washingtonpost.com/national-security/2022/07/06/china-taiwan-fbi-wray-sanctions/).
BIS Releases New Administrative Enforcement Memo: Following up on last week’s speech from Assistant Secretary Matt Axelrod outlining new enforcement policies, the Commerce Department’s Bureau of Industry and Security (“BIS”) released an internal enforcement memorandum outlining the changes. The memo tracks Assistant Secretary Axelrod’s talking points, namely imposing higher penalties on “egregious” violations, using non-monetary penalties on older pending administrative cases, eliminating “no admit, no deny” settlements, and implementing a dual tracking program for voluntary self-disclosures. These changes are part of a broader prioritization strategy to better allocate BIS’s resources. (https://bis.doc.gov/index.php/documents/enforcement/3062-administrative-enforcement-memo/file;https://insidetrade.com/daily-news/bis-increases-administrative-penalties-export-control-violators#:~:text=The%20Bureau%20of%20Industry%20and,practice%20of%20allowing%20companies%20to)
Google Sold Data of Ukrainian Users to Russia Even After Sanctions: Despite warnings from US Senate Intelligence Committee, Google shared potentially sensitive user data with the sanctioned Russian advertising company RuTarget, even after the US imposed harsh sanctions after the invasion of Ukraine, according to analytics company Adalytics. Among the data were unique identifiers of mobile phones, IP addresses, information about the location of users, their interest, and internet activity, which may be used by Russians to track Ukrainian users. (https://news.yahoo.com/google-sold-data-ukrainian-users-150500294.html).
State Department Releases Statement Calling for Reduced Russian, Belarusian Participation on International Sporting Bodies: On Tuesday, the State Department released a statement with 34 other partners calling on (i) international sport federations to suspend Russian and Belarusian government participation; (ii) international sport federations to remove Russian and Belarusian officials with close ties to their respective governments; and (iii) national and international sports organizations to consider suspending competition broadcasts into Russia and Belarus. They state that, if Russian and Belarusian members continue to participate in such organizations, the organization should confirm that these individuals are acting independently. (https://www.state.gov/second-statement-on-russias-war-on-ukraine-international-sport/).
New York Times Profiles U.S. Military Unit Organizing Weapons Shipments to Ukraine: On Sunday, The New York Times released a profile of United States Transportation Command (“Transcom”), a centralized group of military logisticians that organizes shipments of US weapons to Ukraine based out of an Illinois airfield. The article discusses their planning efforts, which often begin well before the official announcement of any weapons transfer, and their execution. (https://www.nytimes.com/2022/07/03/us/ukraine-military-aid-weapons-us.html).
U.S. Official States Chinese Government Not Supporting Russian War: Speaking to Reuters, an unnamed senior administration official said on Thursday, that the Chinese government is not supporting Russia in the conflict in Ukraine. The official added that enforcement measures taken earlier in the week targeted certain Chinese companies, not the government. The official said, “China is not providing material support. This is normal course-of-business enforcement action against entities that have been backfilling for Russia.”(https://www.reuters.com/world/china-not-giving-material-support-russias-war-ukraine-us-official-2022-07-01/).
Treasury Secretary Discusses Russian Oil Cap in Call with Korean Counterpart: On Friday, Treasury Secretary Janet Yellen called Minister of Economy and Finance of the Republic of Korea Choo Kyung-ho. A readout of their meeting from Treasury indicates that they discussed “the merits of a price cap on Russian oil to restrict revenue to the Kremlin that finances their unjust and illegal actions.” (https://home.treasury.gov/news/press-releases/jy0847).
Treasury Official Discusses Oil Price Cap in Japan: Much like Secretary Yellen, Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian Nelson discussed the “design and implementation of the [oil] price cap” during a trip to Japan on Friday to meet with Finance Vice Minister Masato Kanda, Deputy Minister of Foreign Affairs Masataka Okano, Ministry of Economy, Trade, and Industry Director-General Yoichi Iida, Cabinet Councillor Toshio Oya, and Financial Services Agency Deputy Director-General Toshiyuki Miyoshi. (https://home.treasury.gov/news/press-releases/jy0846).
U.S. Authorizes $820 Million in Military Assistance for Ukraine: On Friday, the Defense Department announced an authorization of $820 million in military assistance for Ukraine, including two National Advanced Surface-to-Air Missile Systems (“NASAMS”). $50 million of the funding will come from a Presidential Drawdown of security assistance, and the rest will come from Ukraine Security Assistance Initiative (“USAI”) funds. (https://www.defense.gov/News/Releases/Release/Article/3081993/820-million-in-additional-security-assistance-for-ukraine/).
U.S. Official States Chinese Government Not Supporting Russian War: Speaking to Reuters, an unnamed senior administration official said on Thursday, that the Chinese government is not supporting Russia in the conflict in Ukraine. The official added that enforcement measures taken earlier in the week targeted certain Chinese companies, not the government. The official said, “China is not providing material support. This is normal course-of-business enforcement action against entities that have been backfilling for Russia.”(https://www.reuters.com/world/china-not-giving-material-support-russias-war-ukraine-us-official-2022-07-01/).
Treasury Secretary Discusses Russian Oil Cap in Call with Korean Counterpart: On Friday, Treasury Secretary Janet Yellen called Minister of Economy and Finance of the Republic of Korea Choo Kyung-ho. A readout of their meeting from Treasury indicates that they discussed “the merits of a price cap on Russian oil to restrict revenue to the Kremlin that finances their unjust and illegal actions.” (https://home.treasury.gov/news/press-releases/jy0847).
Treasury Official Discusses Oil Price Cap in Japan: Much like Secretary Yellen, Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian Nelson discussed the “design and implementation of the [oil] price cap” during a trip to Japan on Friday to meet with Finance Vice Minister Masato Kanda, Deputy Minister of Foreign Affairs Masataka Okano, Ministry of Economy, Trade, and Industry Director-General Yoichi Iida, Cabinet Councillor Toshio Oya, and Financial Services Agency Deputy Director-General Toshiyuki Miyoshi. (https://home.treasury.gov/news/press-releases/jy0846).
U.S. Authorizes $820 Million in Military Assistance for Ukraine: On Friday, the Defense Department announced an authorization of $820 million in military assistance for Ukraine, including two National Advanced Surface-to-Air Missile Systems (“NASAMS”). $50 million of the funding will come from a Presidential Drawdown of security assistance, and the rest will come from Ukraine Security Assistance Initiative (“USAI”) funds. (https://www.defense.gov/News/Releases/Release/Article/3081993/820-million-in-additional-security-assistance-for-ukraine/).
U.S. Secretary of Commerce Praises Efficacy of Export Controls on Russia: At the Bureau of Industry and Security (“BIS”) Update Conference, U.S. Secretary of Commerce Gina Raimondo spoke about the effects of the controls put in place on Russia with regards to global exports and aerospace controls. Raimondo stated that, since the controls were put in place, global exports of semiconductors to Russia from all sources have declined by almost 90 percent. Additionally, the aerospace controls put in place have led Russia to potentially ground between half and two-thirds of its commercial aircraft by 2025 in order to cannibalize them for spare parts. (https://www.commerce.gov/news/speeches/2022/06/remarks-us-secretary-commerce-gina-raimondo-bureau-industry-and-security-bis).
U.S. and Allies REPO Task Announces Action on More Than $30 Billion in Frozen Assets: The Russian Elites, Proxies, and Oligarchs (“REPO”) Task Force, an international coalition between the U.S. and allied devoted to sanctions enforcement, stated Wednesday that it has blocked or frozen more than $30 billion worth of sanctioned Russians’ assets, immobilized $300 billion in Russian Central Bank Assets, frozen or seized various items of luxury property, and heavily restrict sanctioned Russians’ access to the international financial system. The Task Force committed to continued enforcement efforts along these lines. (https://home.treasury.gov/news/press-releases/jy0839)
Gas Prices Test American Appetite for New Cold War with Russia: Self-sanctioning and Putin’s deliberate reduction in gas flows have sent energy costs up sharply in the West, undermining their leaders’ political standing. President Biden has begun pivoting his agenda, pushing to export more liquefied natural gas to Europe and patching up relations with Saudi Arabia. The U.S. is a net exporter of petroleum and related products, and is the most important player in the West’s effort to wean itself off Russian energy. (https://www.wsj.com/articles/americans-balk-at-the-price-of-a-new-cold-war-with-russia-11656505721?mod=hp_lead_pos13)
Treasury Department Sanctions Nearly 100 Targets in Putin’s War Machine and Prohibits Russian Gold Imports: The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated 70 new entities and individuals pursuant to Russia sanctions, including Rostec, Kamaz, defense technology holdings, industrial exporters, and management entities, as well as 29 Russian individuals. Additionally, OFAC determined that prohibitions of section 1(a)(i) of Executive Order 14068, “Prohibiting Certain Imports, Exports, and New Investment With Respect to Continued Russian Federation Aggression,” now apply to gold of Russian Federation origin, in line with actions by other G7 members. (https://home.treasury.gov/news/press-releases/jy0838;https://home.treasury.gov/system/files/126/determination_06282022_eo14068.pdf).
Treasury Department Issues New General Licenses: In conjunction with the new sanctions announced today, the Treasury Department announced the following new general licenses:
o General License 39: Permits wind-down transactions with Rostec and any entity owned 50 percent or more by Rostec through 12:01 am ET on August 11, 2022. (https://home.treasury.gov/system/files/126/russia_gl39.pdf)
o General License 40: Permits “all transactions ordinarily incident and necessary to the provision, exportation, or reexportation of goods, technology, or services to ensure the safety of civil aviation” to companies listed in an attached annex, so long as the aircraft is registered outside of Russia and the goods are for civil aviation purposes. The licenses has no expiration date. (https://home.treasury.gov/system/files/126/russia_gl40.pdf).
o General License 41: Permits “all transactions ordinarily incident and necessary to the manufacture, sale, and maintenance, including the provision and receipt of warranty and maintenance services, of agricultural equipment, components, and spare parts produced by Nefaz Publicly Traded Company (“Nefaz”) or Public Joint Stock Company Tutaev Motor Plant” and entities owned 50 percent or more by them through 12:01 am eastern on December 22, 2022. (https://home.treasury.gov/system/files/126/russia_gl41.pdf).
o General License 42: Permits transactions, without expiration, ordinarily incident and necessary to:
§ “1) Requesting, receiving, utilizing, paying for, or dealing in licenses, permits, certifications, or notifications issued or registered by the Federal Security Service for the importation, distribution, or use of information technology products in the Russian Federation, provided that (i) the exportation, reexportation, or provision of any goods or technology that are subject to the Export Administration Regulations, 15 CFR parts 730 through 774, is licensed or otherwise authorized by the Department of Commerce; and
§ (ii) the payment of any fees to the Federal Security Service for such licenses, permits, certifications, or notifications does not exceed $5,000 in any calendar year.” (https://home.treasury.gov/system/files/126/russia_gl42.pdf).
o General License 43: Permits divestment, debt and equity transfer, and wind down of derivative contracts involving Public Joint Stock Company Severstal, Nord Gold PLC, and any company owned 50 percent or more by those companies, through 12:01 am eastern on August 31, 2022. (https://home.treasury.gov/system/files/126/russia_gl43.pdf).
BIS Adds Entries to the Entity List: On Tuesday, the Department of Commerce’s Bureau of Industry and Security (“BIS”) added 36 entities in nine countries to the Entity List., including 6 “backfill” entities, due to their support of Russian military efforts since the invasion began. Finally, the Department identified two Chinese parties that have been on the Entity List since 2018 that have supported Russian military efforts. (https://bis.doc.gov/index.php/documents/about-bis/newsroom/press-releases/3042-2022-06-28-bis-press-release-russia-backfill-entity-list/file).
Key Sanctions Advisor Leaves Administration: On Saturday, Reuters reported that Deputy National Security Advisor Daleep Singh, the primary White House point of contact for sanctions on Russia, has left the administration, taking a job with PGIM Fixed Income, a Wall Street asset manager with $890 billion in assets. Singh had previously taken a leave of absence from his White House position for personal reasons. He will be replaced by former BlackRock strategist Mike Pyle. (https://www.reuters.com/world/us/uss-russia-sanctions-architect-singh-departs-ukraine-war-drags-2022-06-25/).
State Department Expands Visa Restrictions and Sanctions related to Rusia: Alongside the Treasury Department’s Russia-related actions, the State Department issued the following restrictions:
o Visa Restrictions: The Department imposed visa restrictions on 511 Russian military officers and 18 Russian nationals believed to be involved in suppressing Russian dissent.
o Designations Pursuant to E.O. 14024: The Department designated the Russian-installed “Mayor” of Melitopol, 45 Russian defense-related entities, 19 members of the Board of Directors of Rostec, 9 family members of Rostec Board members, three Russian military units, and an Uzbek company providing support to Russian companies attempting to evade sanctions, pursuant to Executive Order 14024. These designated individuals will have their assets blocked in the US and US persons are forbidden from transacting with them or any entity owned 50 percent or more by them. (https://www.state.gov/targeting-russias-war-machine-sanctions-evaders-military-units-credibly-implicated-in-human-rights-abuses-and-russian-federation-officials-involved-in-suppression-of-dissent/).
FinCEN, BIS Issue Alert on Russian and Belarusian Export Control Evasion: On Tuesday, the Financial Crimes Enforcement Network (“FinCEN”) and the Department of Commerce’s Bureau of Industry and Security (“BIS”) issued an alert on Russian and Belarusian attempts to evade sanctions. The alert “provides financial institutions with an overview of BIS’s export restrictions to date, a list of certain commodities of concern, and other information they can use and incorporate into their risk-based screening of financial transactions. In addition, it provides select transactional and behavioral red flag indicators of export control evasion, including red flags derived from recent Bank Secrecy Act reporting.” (https://bis.doc.gov/index.php/documents/about-bis/newsroom/press-releases/3041-2022-06-28-bis-press-release-fincen-and-bis-joint-alert/file).
White House Provides Details on $4.5 Billion in Food Security Assistance: On Tuesday, the White House issued a fact sheet providing details on the $4.5 billion in food security assistance leaders agreed to at the G7 Summit. The US will provide an additional $2.76 billion in funding, which will be split between the US Agency for International Development’s (“USAID”) international disaster assistance funds for emergency food operations in areas of immediate crisis, and $760 million in funding for development projects in and diplomatic outreach to countries impacted by the food shortage to establish longer-term programs to reduce food insecurity. (https://www.whitehouse.gov/briefing-room/statements-releases/2022/06/28/fact-sheet-president-biden-and-g7-leaders-announce-further-efforts-to-counter-putins-attack-on-food-security/).
Treasury Department Announces Intent to Explore G7 Price Cap on Russian Oil: The U.S. Department of the Treasury announced that the U.S. will be working expeditiously with their G7 counterpart leaders to pursue a limit on the price of Russian oil. This advances the U.S.’s twin goals of sharply reducing Russian revenue and stabilizing global energy prices. (https://home.treasury.gov/news/press-releases/jy0837).
US Blocks Tanker from Unloading Cargo Due to Russia Sanctions Concerns: Reports emerged on Tuesday that Customs and Border Protection and the Coast Guard on stopped a tanker full of fuel products attempting to dock in the port of New Orleans on Sunday. The tanker was chartered by Swiss commodities trader Vitol, which claims it complied with US sanctions law, which ban the import of Russian-origin fuel products. The tanker left the Taman Peninsula in Russia, a popular port for Russian and Kazakh-origin fuel oils. (https://www.wsj.com/articles/oil-tanker-is-stopped-by-u-s-on-transit-from-russian-port-to-new-orleans-11656429086?mod=hp_lead_pos13).
US Will Implement a Higher Tariff Rate On More Than 570 Groups of Russian Products: In line with Congress’s decision to revoke permanent normal trade relations with Russia, President Biden announced that the US will increase column 2 duty rates US will implement a higher tariff rate on more than 570 groups of Russian products worth approximately $2.3 billion to Russia.(https://www.whitehouse.gov/briefing-room/presidential-actions/2022/06/27/proclamation-on-increasing-duties-on-certain-articles-from-the-russian-federation/; https://www.wsj.com/articles/g-7-expected-to-adopt-fresh-sanctions-against-russia-11656320252?mod=hp_lead_pos2)
White House Previews New Sanctions on Russia, Support for Ukraine: In a Monday statement, the White House announced that various federal agencies will implement the following restrictions on Russia and support measures for Ukraine:
o New targeted sanctions, in coordination with G7 partners, to “restrict Russia’s access to key industrial inputs, services, and technologies produced by our economies, particularly those supporting Russia’s armament industrial base and technology sector.”
o Explore authority to use revenues collected from tariffs on Russian goods to assist Ukraine.
o Efforts to reduce Russian revenues, including a prohibition on new Russian gold imports to the US and the addition of “companies engaging in backfill activities in support of Russia by adding several companies around the world to the [Department of Commerce’s] Entity List.”
o New sanctions on private military companies and Russian military units credibly implicated in human rights abuses in Ukraine.
o $7.5 billion in assistance to Ukraine in coordination with G7 partners. (https://www.whitehouse.gov/briefing-room/statements-releases/2022/06/27/fact-sheet-the-united-states-and-g7-to-take-further-action-to-support-ukraine-and-hold-the-russian-federation-accountable/).
US Officials Optimistic About Oil Price Cap: US officials expressed optimism that G7 leaders are close to finalizing price caps on Russian oil. A senior US official told reporters earlier in the day that the G7 countries were working to “develop mechanisms to set a global price cap for Russian oil in shipments to countries outside of the US, EU, the UK, and the broader G7”. (https://www.whitehouse.gov/briefing-room/press-briefings/2022/06/27/background-press-call-by-a-senior-administration-official-on-president-bidens-second-day-in-germany/).
Key Sanctions Advisor Leaves Administration: On Saturday, Reuters reported that Deputy National Security Advisor Daleep Singh, the primary White House point of contact for sanctions on Russia, has left the administration, taking a job with PGIM Fixed Income, a Wall Street asset manager with $890 billion in assets. Singh had previously taken a leave of absence from his White House position for personal reasons. He will be replaced by former BlackRock strategist Mike Pyle. (https://www.reuters.com/world/us/uss-russia-sanctions-architect-singh-departs-ukraine-war-drags-2022-06-25/).
Deputy Treasury Secretary Discusses Sanctions in Turkey: On Saturday, the Treasury Department announced that Deputy Secretary Wally Adeyemo had visited Ankara and Istanbul, Turkey from June 22-24. There, he met with representatives from the Ministry of Foreign Affairs, Ministry of Treasury and Finance, and private banking institutions. He discussed sanctions enforcement, and “all parties expressed a desire to ensure that Turkey is not used as a haven for illicit financing and that the integrity of its banking sector continues to be protected.” (https://home.treasury.gov/news/press-releases/jy0834).
Department of Commerce Denies Export Privileges for Russian Airlines: On Friday, the Department of Commerce’s Bureau of Industry and Security (“BIS”) issued three orders temporarily denying export privileges for three Russian airlines—Nordwind Airlines, Pobeda Airlines, and S7 Airlines— due to ongoing violations of the comprehensive export controls imposed on Russia by the Commerce Department. (https://www.bis.doc.gov/index.php/documents/about-bis/newsroom/press-releases/3038-2022-06-24-bis-press-release-nordwind-pobeda-s7-temporary-denial-orders/file).
Representatives Introduce Bill to Ban More Russian Goods: On June 17, Representatives Jimmy Panetta (D-CA) and Tom Rice (R-SC) introduced “The Expanding Trade Sanctions on Russia Act” which would ban the import of a list of Russian products, including uranium, plywood, silver, and platinum. (https://insidetrade.com/daily-news/reps-panetta-rice-want-ban-more-russian-goods).
Panel Asks Treasury to Temporarily Approve Russian Swaps Trading: A panel of 13 banks and asset managers, the Credit Derivatives Determinations Committee, asked the Treasury Department to temporarily allow trades in Russian assets so that investors that wagered on a Russian default can get what they are owed. The Treasury Department’s Office of Foreign Asset Control declined to comment, and Bloomberg suspects that no action will be taken on the issue prior to the G7 Summit this weekend. (https://www.bloomberg.com/news/articles/2022-06-24/swaps-panel-asks-us-treasury-for-workaround-on-russia-sanctions).
Cisco to Exit Russia: On Thursday, Cisco announced that it is making a full exit from Russia, months after suspending operations in the country. (https://www.wsj.com/articles/nike-is-leaving-russia-11655997437?mod=Searchresults_pos9&page=2).
Secretary of State Meets with German Representatives on Food Security Crisis: On the sidelines of the G7 Summit, Secretary of State Antony Blinken and German Foreign Minister Annalena Baerbock discussed Russia’s aggression against Ukraine and its impact on global food security. Secretary Blinken noted that the sanctions imposed on Russia collectively exempt food, food products, fertilizers, insurers, and shippers so there is no reason Russia should be contributing to the global food crisis. (https://www.state.gov/secretary-antony-j-blinken-and-german-foreign-minister-annalena-baerbock-before-their-meeting-2/).
Secretary of State Calls for End to Russian Blockade: During his remarks at the Uniting for Global Food Security Conference, Secretary of State Antony Blinken highlighted the harm Russia’s war on Ukraine has had for global food security and called for accelerated efforts to end Russia’s blockade of Ukrainian grain exports. (https://www.state.gov/secretary-antony-j-blinken-during-the-uniting-for-global-food-security-conference/).
Treasury Secretary Discusses Supply Chain Concerns with IMF Managing Director: During her meeting with International Monetary Fund Managing Director Kristalina Georgieva on Friday, Treasury Secretary Janet Yellen discussed the need to respond to ongoing supply chain disruptions caused by the pandemic as well as Russia’s war against Ukraine. (https://home.treasury.gov/news/press-releases/jy0833).
Treasury Department Reaffirms Partnership with Australia: In a call with Australia’s Treasurer Jim Chalmers, Treasury Secretary Janet Yellen thanked Australia for its strong partnership in holding Russia accountable for its invasion of Ukraine and reaffirmed the U.S. commitment to the U.S.-Australia economic partnership. (https://home.treasury.gov/news/press-releases/jy0832).
US to Send $450 Million in Additional Military Aid to Ukraine: On Thursday, The Associated Press reported and the State Department later confirmed that the US will send an additional $450 million in military assistance to Ukraine. The package will include additional medium range rocket systems, tactical vehicles, coastal and riverline patrol boats, machine guns, grenade launchers, ammunition, and spare parts. (https://www.state.gov/450-million-drawdown-of-new-u-s-military-assistance-for-ukraine/; https://apnews.com/article/russia-ukraine-government-and-politics-7b4ff1bafe1b996f90b766a94d1f826b).
Nike to Exit Russia: Nike told Reuters on Thursday that it is making a full exit from Russia, three months after suspending operations in the country and one month after not renewing its agreement with its largest franchisee in Russia. The company said its “priority is to ensure we are fully supporting our employees while we responsibly scale down our operations over the coming months.” (https://www.reuters.com/business/exclusive-nike-make-full-exit-russia-2022-06-23/).
Biden Defends U.S. Block of Russian Oil: In his remarks on high gas prices in the U.S., President Biden stated that Putin’s invasion of Ukraine forced the U.S. and Europe to cut off Russian oil despite knowing it would lead to higher prices. “We could have turned a blind eye to Putin’s murderous ways, and the price of gas wouldn’t have spiked the way it has. I believe that would have been wrong. I believed it then — I believed then and I believe now: The free world had no choice.” (https://www.whitehouse.gov/briefing-room/speeches-remarks/2022/06/22/remarks-by-president-biden-on-gas-prices-and-putins-price-hike/).
Deputy Treasury Secretary Calls for Increased Due Diligence from Global Financial Hubs: On Wednesday, Deputy Secretary of the Treasury Wally Adeyemo met with members of the United Arab Emirates Banks Federation to underscore the need for “vigilan[t] and proactive action in combatting Russian sanctions evasion.” Adeyemo specifically noted that foreign financial institutions should be mindful of OFAC’s authority to target foreign persons for providing “material support” to a sanctioned entity. (https://home.treasury.gov/news/press-releases/jy0827).
U.S. Encourages Countries to Import Russian Food and Fertilizer: On Wednesday, U.S. State Department Bureau of Economic and Business Affairs Assistant Secretary Ramin Toloui encouraged countries to reach out to the U.S. Treasury Department for help if they experience any problems importing food and fertilizer from Russia, noting that “The United States does not want there to be impediments to the ability of countries, companies to purchase Russian food, Russian fertilizer, and for those goods to access international markets.” (https://www.reuters.com/world/europe/us-urges-countries-reach-out-if-having-issues-with-russian-food-fertilizer-2022-06-22/).
Russian Disinformation a Threat to U.S. National Security: Glenn Gerstell, a senior advisor at the Center for Strategic and International Studies and former general counsel of the National Security Agency, provided insight into Russia’s use of cyberattacks and disinformation in the war with Ukraine. He noted that Russia failed to achieve a “a strategic or enduring effect” from cyberattacks but was more successful with its disinformation campaign. Gerstell said he “sees disinformation as the number one threat to U.S. national security.” (https://www.wsj.com/articles/a-perspective-on-russian-cyberattacks-and-disinformation-11655845822).
Microsoft Launches Russian Propaganda Index: On Wednesday, Microsoft announced additional measures to counter Russia’s successful disinformation campaign, including new analytics, additional staff, and the development of a Russian Propaganda Index that “measures user traffic to ‘Russian state-controlled and -sponsored news outlets and amplifiers’ as a proportion to traffic to all news sites.” Microsoft reported that the index showed the proportion of propaganda seen by users in Ukraine tripled in the first weeks after the invasion and rose by 86 percent in the United States. (https://www.washingtonpost.com/technology/2022/06/22/microsoft-propaganda-war-vaccines-misinformation/).
State Department Discusses Ukraine Crisis with French Foreign Ministry: On Wednesday, Deputy Secretary of State Wendy Sherman spoke with French Foreign Ministry Secretary General Delattre on how best to respond to Ukraine’s urgent security needs. (https://www.state.gov/deputy-secretary-shermans-call-with-french-foreign-ministry-secretary-general-delattre-5/).
State Department Discusses Ukraine Crisis with EEAS: On Wednesday, Deputy Secretary of State Wendy Sherman spoke with European External Action Service Secretary General Stefano Sannino on their joint efforts to support Ukraine’s economy and ensure Ukraine can export agricultural commodities to provide critical global food supplies. (https://www.state.gov/deputy-secretary-shermans-call-with-european-external-action-service-secretary-general-sannino-3/).
State Department Continues Support for Ukraine with International Community: Secretary of State Antony Blinken announced a series of trips to further U.S. support for Ukraine, including the Berlin Ministerial Conference on global initiatives to address food insecurity, the G7 Leaders’ Summit, and the NATO Summit. (https://www.state.gov/secretary-blinkens-travel-for-the-germany-hosted-food-security-ministerial-and-the-g7-and-nato-summits/).
U.S.-EU Task Force on Energy Security: In its meeting on Wednesday, the U.S.-EU Task Force on European Energy Security members “underscored their continued commitment to reduce dependency on Russian fossil fuels by diversifying Europe’s energy supply and taking concrete steps to reduce energy demand through energy efficiency, smart technology deployment and greater use of renewable energy.” (https://www.whitehouse.gov/briefing-room/statements-releases/2022/06/22/readout-of-u-s-eu-task-force-on-european-energy-security-meeting/).
Treasury Secretary Discusses Future Sanctions on Russia with Canadian Officials: During meetings in Toronto on Sunday with Canadian Finance Minister Chrystia Freeland, Treasury Secretary Janet Yellen said that her meetings discussed “price caps or a price exception that would enhance and strengthen recent and proposed energy restrictions by Europe, the United States, the UK and others, that would push down the price of Russian oil and depress Putin’s revenues, while allowing more oil supply to reach the global market.” (https://www.reuters.com/business/energy/us-talks-with-allies-russian-oil-price-cap-says-yellen-2022-06-20/).
Companies Continue to Struggle with Russia Exit: The Wall Street Journal published a piece discussing the difficulties many businesses face in trying to leave Russia, including Philip Morris, Maersk, Anheuser-Busch InBev, Société Générale, and Renault. Russian restrictions on the sale of businesses and employee protection plans are some of the listed reasons for the delays in leaving Russia. (https://www.wsj.com/articles/companies-find-leaving-russia-difficult-though-many-are-trying-11655803801).
China Pressures Tesla CEO Elon Musk for Supporting Ukraine: The Financial Times reported on increased tensions between Elon Musk and Beijing, which threaten Musk’s access to China’s consumer market. Chinese public criticism of Musk, and his company Tesla, began shortly after Musk publicly supported Ukraine and used his space exploration company SpaceX to launch satellites to secure Ukrainian internet networks after the Russian invasion. (https://www.ft.com/content/df032357-51e7-4635-baaa-f053dcc0c4c1).
Biden Praises Spain’s Support for Ukraine: In a call with President Pedro Sánchez of Spain, President Biden thanked Spain for its support of sanctions against Russia and continued security and humanitarian assistance for Ukraine. (https://www.whitehouse.gov/briefing-room/statements-releases/2022/06/21/readout-of-president-bidens-call-with-president-pedro-sanchez-of-spain/).
President Biden Commemorates Ukrainian Refugees in World Refugee Day Statement: In a statement recognizing World Refugee Day, President Biden stated that, in part due to the violence in Ukraine, more than 100 million people are now forcibly displaced worldwide. He stated that his administration is “working to rebuild the U.S. Refugee Admissions Program,” citing recent successful admissions of Afghan and Ukrainian nationals under the program as proof of this. (https://www.whitehouse.gov/briefing-room/statements-releases/2022/06/20/statement-by-president-joseph-r-biden-jr-on-world-refugee-day-2022/).
Russian Superyacht Arrives in Hawaii After Fijian Court Battle: In a win for Task Force KleptoCapture, thesuperyacht Amadea arrived in Honolulu, Hawaii on Thursday after US investigators convinced a Fijian court that the yacht belonged to sanctioned Russian oligarch Suliman Kerimov. (https://apnews.com/article/russia-ukraine-hawaii-united-states-honolulu-835d588f8f14f8146b4512ca3fb3b8f9).
McDonalds Considers Reopening in Ukraine: On Sunday, Ukrainian Foreign Minister Dmytro Kuleba announced on Facebook that the Foreign Ministry had made contact with McDonalds headquarters to discuss a possible reopening of McDonalds locations in Ukraine. The Foreign Minister said “the process is ongoing.” (https://www.ukrinform.net/rubric-economy/3510568-kuleba-mfa-negotiating-resumption-of-mcdonalds-activity-in-ukraine.html).
Treasury Secretary Calls for Gas Tax Holiday Amid Surging Prices: In an appearance on ABC’s This Week, Treasury Secretary Janet Yellen said that a federal gas tax holiday is “an idea that’s certainly worth considering” as the conflict in Ukraine has contributed to skyrocketing gas prices. Analysts do not have consensus as to whether a federal gas tax holiday will lead to reduced gas prices, and Republicans in the Senate oppose any gas tax holiday, since proposed relief would expire shortly after the midterm elections. (https://www.wsj.com/articles/gasoline-tax-holiday-worth-considering-yellen-says-11655655086).
Treasury Thanks Banks for Cybersecurity Efforts After Ukraine Invasion: On Friday, Deputy Secretary of the Treasury Wally Adeyemo met with executive members of the Bank Policy Institute’s Technology Policy Division to discuss the Treasury Department’s ongoing work to promote cyber resilience, safeguard vital government applications, and work collaboratively with private sector institutions to maintain security. He thanked the participants for their steps they have taken to work with federal partners and one another on common cyber threats, given the heightened threat risk due to the Russian invasion of Ukraine. (https://home.treasury.gov/news/press-releases/jy0821).
Biden Calls for Increased Focus on Emissions Reduction: In his remarks at the Major Economies Forum on Energy and Climate, President Biden discussed several ways the U.S. and other major economies can combat Russian aggression and reduce emissions across the energy, transportation, and agricultural sectors. (https://www.whitehouse.gov/briefing-room/speeches-remarks/2022/06/17/remarks-by-president-biden-at-the-major-economies-forum-on-energy-and-climate/).
CNN Discusses Inner Workings of the Treasury Department: On Friday, CNN released a detailed look at the U.S. Treasury Department’s “economic war” on Russia since Russia’s invasion into Ukraine. The report details the Department’s efforts to identify sanctions targets through its own intelligence unit, respond to oligarchs who suspect they might be the Department’s next target, and how the Department builds its programs to have maximum effect over time. (https://www.cnn.com/2022/06/17/politics/nerd-warriors-treasury-department-sanctions-economic-war-russia/index.html).
Department of Commerce Denies Export Privileges for Belarusian Airlines: On Thursday, the Department of Commerce’s Bureau of Industry and Security (“BIS”) issued an order temporarily denying all export privileges for Belavia Belarusian Airlines (Belavia), the flag carrier of Belarus, due to ongoing violations of the comprehensive export controls imposed on Belarus by the Commerce Department. This is the first action BIS has taken against a Belarusian airline under its new export controls. (https://bis.doc.gov/index.php/documents/about-bis/newsroom/press-releases/3029-2022-06-16-bis-press-release-belavia-tdo/file).
US Prosecutors Move to Freeze $5.3 Million in Oligarch’s Assets: On Wednesday, federal prosecutors in New York announced that they were moving to seize more than $5.3 million from a US bank account owned by sanctioned oligarch Konstantin Malofeyev. Malofeyev was the target of OFAC sanctions announced on April 20, though he was previously sanctioned in 2014. (https://www.cnn.com/2022/06/16/politics/russian-oligarch-konstantin-malofeyev/index.html).
US Officials Reportedly Concerned About Economic Blowback to Russia Sanctions: Bloomberg reported that Biden Administration officials have privately expressed concern that economic sanction have led to increased inflation and other domestic economic concerns, while failing to stop Putin. (https://www.bloomberg.com/news/articles/2022-06-14/corporate-self-sanctioning-of-russia-has-us-fearing-economic-blowback).
Treasury Secretary Praises Banks for Sanctions Partnership: In a Thursday meeting with CEO Members of the Board of Directors of the Bank Policy Institute, Treasury Secretary Janet Yellen outlined the efforts the Treasury Department has made to impose sanctions on Russia for its invasion of Ukraine. She praised banks for their “strong partnership that financial institutions have had with Treasury to implement historic sanctions and to protect financial institutions from cyber threats.” (https://home.treasury.gov/news/press-releases/jy0820).
U.S. Imposes Sanctions on Members of Russian Violent Extremist Group: On Wednesday, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) imposed sanctions on supporters of the Russian Imperial Movement (“RIM”), was previously designated by the U.S. Department of State as a Specially Designated Global Terrorist (“SDGT”) organization on April 7, 2020 for having provided training for acts of terrorism. (https://home.treasury.gov/news/press-releases/jy0817).
State Department Sanctions Additional RIM Supporter: On Wednesday, the State Department designated Swedish national Anton Thulin as a Specially Designated Global Terrorist (“SDGT”) for his connections to the Russian Imperial Movement. The designation will generally prohibit US persons from engaging in any transaction with Thulin. (https://www.state.gov/designation-of-anton-thulin-as-a-specially-designated-global-terrorist/).
US Authorizes $1 Billion in Weapons to Ukraine: On Wednesday, the Defense Department announced that the President had authorized an additional $1 billion in security assistance for Ukraine. This includes Presidential Drawdown of security assistance under Section 506(a)(1) of the Foreign Assistance Act valued at up to $350 million, as well as $650 million in Ukraine Security Assistance Initiative (“USAI”) funds. (https://www.whitehouse.gov/briefing-room/presidential-actions/2022/06/15/memorandum-on-delegation-of-authority-under-section-506a1-of-the-foreign-assistance-act-of-1961/; https://www.defense.gov/News/Releases/Release/Article/3064351/1-billion-in-additional-security-assistance-for-ukraine/).
President Commits Additional $225 Million in Humanitarian Assistance: In a call with Ukrainian President Volodymyr Zelenskyy on Wednesday, President Biden also announced that the US would provide an additional $225 million in humanitarian assistance for Ukraine. The assistance will include “supplying safe drinking water, critical medical supplies and health care, food, shelter, and cash for families to purchase essential items.” (https://www.whitehouse.gov/briefing-room/statements-releases/2022/06/15/statement-by-president-joe-biden-on-support-for-ukraine-and-call-with-president-zelenskyy-of-ukraine/).
U.S. Ambassador to Ukraine Meets with Ukrainian Cybersecurity Officials: On Wednesday, U.S. Ambassador to Ukraine Bridget Brink met with the Ukrainian government’s main cybersecurity agency Wednesday and pledged support for Kyiv’s “crucial work” in defending against Russian hacking threats. The meeting discussed a four-year, $38 million U.S. Agency for International Development (“USAID”) program aimed at bolstering Ukraine’s cyber defenses, according to Brink and Ukrainian officials. (https://www.cnn.com/europe/live-news/russia-ukraine-war-news-06-15-22/h_483bbad7e212d9f0a9272f80d4722ed1).
OFAC Issues General License Extending Authorization for Certain Energy Related Transactions: On Tuesday, OFAC released General License 8C, which extends the license for energy related transactions through December 5, 2022. The General License replaces General License 8B, which permitted certain energy related transactions with Sberbank, VTB Bank, Alfa Bank, Vneshcombank, Otkritie, Sovcombank, any bank owned 50% or more by any of these entities, and the Russian Central Bank. General License 8B was set to expire on June 24. OFAC also released administrative updates to several FAQs to reflect the extended deadline. (https://home.treasury.gov/system/files/126/russia_gl8c.pdf; https://home.treasury.gov/policy-issues/financial-sanctions/faqs/updated/2022-06-14).
PIMCO Warns Treasury of Sanctions’ Impact on U.S. Pension Funds: Executives at Pacific Investment Management Co. (PIMCO), have warned U.S. Treasury officials about the potential losses U.S. pension funds will face if fund managers are forced to write down their Russian holdings. The executives have also stressed that a Russian default would allow President Putin to keep foreign currency reserves that would otherwise have been paid to creditors—a potentially lucrative source of funding for the war effort. (https://www.bloomberg.com/news/articles/2022-06-14/pimco-warned-us-treasury-that-russia-sanctions-will-hit-pensions).
U.S. and UK Team Up to Tackle Money Laundering: The White House and the UK Government announced Monday that the two countries would collaborate on a “prize challenge” program to spur innovation in the financial crime software arena. The U.S. and the UK said they want to improve technology that will allow machine-learning models to be trained on data from multiple sources without that data leaving a safe environment—a method known as federated learning. (https://www.wsj.com/articles/u-s-u-k-collaborate-to-spur-innovation-in-tech-used-to-combat-money-laundering-11655161935?mod=hp_minor_pos10).
Deputy Treasury Secretary Discusses Expanded Funding for Sanctions Enforcement: In prepared remarks before the Senate Appropriations Subcommittee on Financial Services and General Government, Deputy Treasury Secretary Wally Adeyemo discussed how the war in Ukraine has impacted the Treasury Department’s budget. After explaining the vastly expanded sanctions program, Deputy Secretary Adeyemo noted that the “President’s FY 2023 request includes a $49 million increase in funding for FinCEN to add some of the personnel required to implement the Anti-Money Laundering Act and the Corporate Transparency Act and to continue to build the systems we need to track beneficial ownership and leverage that information to pursue critical national security objectives.” He also discussed enhanced cybersecurity measures to enhance classified information systems needed for sanctions enforcement. (https://home.treasury.gov/news/press-releases/jy0815).
White House Extends National Emergency for Belarus: On Monday, the White House announced the continuation of the national emergency with respect to Belarus for an additional year. The national emergency was first declared on June 16, 2006 and expanded on August 9, 2021. (https://www.whitehouse.gov/briefing-room/presidential-actions/2022/06/13/notice-on-the-continuation-of-the-national-emergency-with-respect-to-belarus/).
US Officials Warn Against Diversion of Aid for Ukraine: On Monday, The Wall Street Journal published an article summarizing comments from members of Congress calling for increased transparency and oversight of funds headed to Ukraine. Though no reports of malfeasance have yet emerged, Senator Chuck Grassley (R-IA) has sent letters to the State Department, USAID and Defense Department to closely review aid to Ukraine, Senator Rand Paul (R-KY) pushed to include oversight provisions in the initial $40 billion aid package, and Senator John Kennedy (R-LA) has introduced standalone legislation implementing a special inspector general for Ukraine. (https://www.wsj.com/articles/with-billions-going-to-ukraine-officials-warn-of-potential-for-fraud-waste-11655121601).
JPMorgan and Goldman to Stop Trades of Russian Debt: Consistent with the U.S. Treasury sanctions, JPMorgan Chase and Goldman Sachs will no longer handle trades of Russian debt. (https://www.bloomberg.com/news/articles/2022-06-13/jpmorgan-goldman-halt-russia-debt-trading-after-us-tightens-ban).
US Quietly Pushing for Increased Russian Fertilizer Imports: Bloomberg reported on Monday that US officials are quietly pushing US companies to purchase and stock more Russian fertilizers as the country tries to find ways to ward off a global food crisis. Russian fertilizer exports are down 24 percent this year, and if the trend continues, next year’s harvests may be impacted. (https://www.bloomberg.com/news/articles/2022-06-13/us-quietly-urges-russia-fertilizer-deals-to-unlock-grain-trade).
President Biden Discusses Agricultural Exports in DNC Remarks: In remarks at a Democratic National Committee Fundraiser on Saturday night, President Biden discussed difficulties in getting grain out of Ukraine, noting that allies are working to get the grain out of Ukraine through land corridors, but logistical difficulties, like differing rail gauges, are making exports difficult. He also criticized Russian President Vladimir Putin for believing “there’s no such thing as an independent Ukrainian culture.” (https://www.whitehouse.gov/briefing-room/speeches-remarks/2022/06/11/remarks-by-president-biden-at-a-reception-for-the-democratic-national-committee-2/).
Biden Administration Focused on Seizing Oligarch Assets for Ukraine Reparations, not Central Bank Assets: On Saturday, The Wall Street Journal published a survey of the US response to calls to use frozen Russian Central Bank assets to pay reparations to Ukraine. The prevailing position was best summarized by the National Security Council, which said Friday the administration seeks to ease the seizure of oligarchs’ assets “directly obtained from corrupt dealings with the Russian government” and to enable the departments of Justice, Treasury and State to use those funds “to remediate harms of Russian aggression toward Ukraine.” Legal experts surveyed said there may be legal avenues to seize central bank assets, but those efforts must be coordinated multilaterally for maximum legitimacy. (https://www.wsj.com/articles/effort-to-force-russia-to-pay-reparations-to-ukraine-faces-uphill-battle-11654939800?mod=hp_lead_pos4).
White House Partially Blames Ukraine Conflict for Rising Inflation: The White House released a statement responding to the May consumer price index figures on Friday. The statement urges Congress to pass legislation that would lower prices across a variety of sectors, but it also notes particularly high gas prices, and stated “the war in Ukraine is a major cause of that.” (https://www.whitehouse.gov/briefing-room/statements-releases/2022/06/10/statement-by-president-biden-on-consumer-price-index-cpi-in-may/).
OFAC Issues New FAQs Related to May 8 Directive: On Thursday, OFAC Released the following FAQs related to the May 8 directive banning the provision of certain accounting, trust and corporate formation, and management consulting services to Russia (https://home.treasury.gov/policy-issues/financial-sanctions/faqs/added/2022-06-09):
o FAQ 14072 states that the directive blocks the provision of tax preparation and filing services to any person located in the Russian Federation. This ban does not apply to the export, reexport, sale, or supply, directly or indirectly, of tax preparation-related software to the Russian Federation.
o FAQ 1067 further clarifies that the directive does not prevent the export, reexport, sale, or supply, directly or indirectly, software to the Russian Federation, along with any service associated with the export of such software, like engineering and design, as long as those services do not fall in the definition of management consulting.
o FAQ 1066 states that online university courses on accounting, management consulting services, trusts, or corporate formation are permitted, as long as they do not evade the underlying ban on provision of those services to the Russian Federation.
o FAQ 1065 states that US persons are prohibited from serving as voting trustees on behalf of or for shares of person located in Russia.
o FAQ 1064 states that executive search and vetting services are included in the definition of management consulting and therefore banned under the directive.
o FAQ 1063 states that the provision of restricted services to existing companies in Russia are included in the ban.
o FAQ 1062 states that a US person working at the US subsidiary of a Russian company may not provide any of the restricted services to the Russian parent company.
o FAQ 1061 states that US persons may still work as employees of entities located in Russia, so long as they do not provide any of the restricted services to the company.
o FAQ 1060 states that US persons may serve on the board of directors of a company located in the Russian Federation, but would prohibit US persons from providing nominee officer or director services in which a U.S. person is contracted to serve as a nominee officer, director, shareholder, or signatory of a legal person on behalf of a person located in the Russian Federation.
o FAQ 1059 states that the directive does not prohibit the provisions of services to a non-Russian company that has a physical presence and operations outside of the Russian Federation, even if the company is owned or controlled by Russian entities, so long as the service is not further exported or reexported to individuals in Russia.
o FAQ 1058 defines “person located in the Russian Federation” to “include persons in the Russian Federation, individuals ordinarily resident in the Russian Federation, and entities incorporated or organized under the laws of the Russian Federation or any jurisdiction within the Russian Federation.”
Treasury Sanctions on Crypto Exchanges Taking a Toll on Ransomware Gangs: The Wall Street Journal reported Thursday that the sanctions imposed by the Treasury Department on three Russian-based crypto exchanges are having a devastating effect on their operations. OFAC has, thus far, sanctioned more than 300 virtual currency addresses, with plans for more to come. (https://www.wsj.com/articles/sanctions-take-toll-on-laundering-tools-used-by-ransomware-gangs-11654637128?reflink=desktopwebshare_twitter).
U.S. and Europe Seek to Lower Gas Prices: The Wall Street Journal reported Thursday that the U.S. and its allies are working closely to limit further surges in gas prices while at the same time, attempting to cut off revenues to Russia as it increases its oil exports to other regions of the world. One idea under consideration by the G7 is to allow insurers to only cover shipments of Russian oil to non-European countries that fall under a certain price cap. (https://www.wsj.com/articles/u-s-european-allies-try-to-restrain-global-oil-prices-11654767002).
Impact of Russian Sanctions on Ransomware Attacks Uncertain: On Tuesday, The Wall Street Journal reported on the unclear impact of sanctions against the ransomware attacks. The U.S. Department of Treasury has released sanctions targeting the financial infrastructure that supports ransomware attacks. Cybersecurity experts note that despite success minimizing the use of money laundering tools, the effect of sanctions to reduce cyberattacks broadly is uncertain. (https://www.wsj.com/articles/sanctions-take-toll-on-laundering-tools-used-by-ransomware-gangs-11654637128).
Biden Administration Conflicted on Possible Sanctions Waiver for Belarus Fertilizer Industry In Response to Food Crisis: On Tuesday, The Wall Street Journal published a report detailing the divide within the Biden Administration on how to address the food crisis from Russia’s war in Ukraine. The main source of division is over a proposal for a six-month waiver of sanctions on Belarus’s potash fertilizer industry. According to the report, the State Department is against lifting sanctions while the White House’s National Security Council supports considering the proposal. (https://www.wsj.com/articles/looming-food-crisis-related-to-ukraine-war-divides-biden-administration-11654639588).
KPMG Finalizes Exit from Russia and Belarus: On Wednesday, KMPG announced its complete exit from Russia and Belarus which began in March. KPMG no longer has firms in Russia or Belarus. (https://www.wsj.com/articles/kpmg-completes-exit-from-russia-and-belarus-as-war-on-ukraine-drags-on-11654709541).
US and Six Allies Announce Resumption of Participation in Arctic Council Activities That Do Not Involve Russia: On Wednesday, the U.S. State Department released a joint statement with Canada, Denmark, Finland, Iceland, Norway, Sweden announcing the limited resumption of projects in the Arctic Council that do not involve Russia. Involvement by the U.S. and others has been on hold since March 3. (https://www.state.gov/joint-statement-on-limited-resumption-of-arctic-council-cooperation/).
Threat of Russian Cyberattacks Continues: On Tuesday at the RFA Conference in San Francisco, U.S. officials warned companies to stay alert for cyberattacks from Russia “based on intelligence assessments of potential strikes.” (https://www.wsj.com/articles/russian-cyber-threat-remains-high-u-s-officials-say-11654647242)
Secretary Blinken Discusses Global Food Crisis: In his talk with the U.S. Chamber of Commerce at the CEO Summit of the Americas, Secretary of State Antony Blinken discussed global efforts to reduce the food security crisis and further highlighted the need to circumvent the Russian blockade of grain from Ukraine. (https://www.state.gov/secretary-antony-j-blinken-with-executive-vice-president-and-head-of-international-affairs-at-the-u-s-chamber-of-commerce-myron-brillant-at-the-ceo-summit-of-the-americas/).
U.S.-Korea-Japan Reaffirm Support for Ukraine: Government officials from the U.S., South Korea, and Japan met on Wednesday in Seoul to discuss continued collaboration among the three countries, including continued support for Ukraine. (https://www.state.gov/joint-statement-on-the-republic-of-korea-u-s-japan-trilateral-vice-foreign-ministerial-meeting/).
OFAC Issues Clarifying Guidance on “New Investment” Ban: OFAC provided Frequently Asked Questions about the U.S. sanctions regime: (https://home.treasury.gov/policy-issues/financial-sanctions/faqs/added/2022-06-06). OFAC addresses a number of issues in the guidance, including but not limited to:
o Defining “new investment” broadly to include a commitment of capital or other assets for the purpose of generating returns or appreciation made after the effective date of the Executive Order, including those pursuant to an agreement entered into before the Executive Order. (FAQ 1049).
o “Maintenance” and “Divestment”-Related Exclusions – OFAC recognizes certain limited exclusions relating to “maintenance” of pre-existing operations and contractual commitments, and of “divestment”, each subject to several important conditions and fact-specific limitations. (FAQs 1050, 1051, 1052 and 1053).
o Potential Reach to Dealings Outside Russia – The guidance reflects that the reach of the new investment ban can expand to transactions outside Russia under certain circumstances. In addressing debt and equity transactions involving entities located outside the Russian Federation, OFAC states that the ban on new investment in Russia would not extend to such transactions “provided that” (i) such funds are not specifically intended for new projects or operations in the Russian Federation and (ii) the revenues of the entity located outside the Russian Federation are not predominantly derived from its investments in the Russian Federation. (FAQ 1055).
o Purchase of Debt and Equity Securities – Notably, OFAC’s guidance reflects expansive positions relating to debt and equity securities issued by an entity in the Russian Federation in several respects. The guidance confirms that US Persons may not purchase new or existing debt and equity securities issued by an entity in Russia, whether or not sanctioned. This supplements and expands previous restrictions involving equity and debt restrictions, including secondary market transactions involving sovereign debt and raises certain interpretive issues for holders of such debt in an event of default. The guidance also confirms the ban could also be implicated in the context of funds with holdings that include Russian debt or equity securities investments, at least where the holdings represent “a predominant share by value”. (FAQs 1054 and amended FAQ 1005).
US-Canada Joint Statement on Enhanced Border Enforcement To Prevent Diversion of Sensitive Goods and Technologies to Russia: On Tuesday, the US Department of Commerce Bureau of Industry and Security and the Canadian Border Services Agency (“CBSA”) announced their joint commitment to improve information sharing across borders to prevent the export of sensitive goods and technologies to Russia. CBSA officials met virtually with Assistant Secretary for Export Enforcement Matt Axelrod and other US officials on the day of the announcement. (https://bis.doc.gov/index.php/documents/about-bis/newsroom/press-releases/3020-2022-06-07-joint-release-doc-cbsa-enforcement-announcement/file).
KPMG Finalizes Exit from Russia and Belarus: On Wednesday, KMPG announced its complete exit from Russia and Belarus which began in March. KPMG no longer has firms in Russia or Belarus. (https://www.wsj.com/articles/kpmg-completes-exit-from-russia-and-belarus-as-war-on-ukraine-drags-on-11654709541).
U.S. Treasury Department Monitoring Gold Transactions for Sanctions Evasion: Treasury Secretary Janet Yellen said Tuesday that her department is “closely monitoring any efforts we can see to circumvent our Russia-related sanctions through the use of gold.” (https://money.usnews.com/investing/news/articles/2022-06-07/u-s-treasury-monitoring-any-moves-to-circumvent-russian-sanctions-through-use-of-gold-yellen).
Treasury Secretary Says Inflation Here to Stay, Blames Russian Invasion: At a Senate Finance Committee meeting on Tuesday, Treasury Secretary Janet Yellen told lawmakers that “[t]here’s no question that we have huge inflation pressures, that inflation is really our top economic problem at this point and that it’s critical we address it.” She added that, “Putin’s war in Ukraine is having impacts on energy and food prices globally,” and that it is “virtually impossible for us to insulate ourselves.” (https://www.bloomberg.com/news/articles/2022-06-07/yellen-defends-biden-spending-as-she-acknowledges-inflation-woes).
Department of Commerce Issues Charging Letter Against Roman Abramovich: The Commerce Department’s Bureau of Industry and Security (BIS) issued an Administrative Charging Letter against Roman Abramovich for alleged violations of the Export Administration Regulations (EAR) related to flights of two U.S.-origin aircraft to Russia without BIS authorization. (https://www.bis.doc.gov/index.php/documents/about-bis/newsroom/press-releases/3014-2022-06-06-bis-press-release-abramovich-charging-letter/file)
Department of Justice Obtains Warrant for Seizure of Russian Airplanes: On Monday, the Department of Justice announced it received authorization from the U.S. District for the Southern District of New York to seize a Boeing 787 aircraft and a Gulfstream G650ER aircraft owned by Russian oligarch Roman Abramovich for violations of the Export Control Reform Act. (https://www.justice.gov/usao-sdny/pr/united-states-obtains-warrant-seizure-two-airplanes-russian-oligarch-roman-abramovich).
White House Waives Solar Import Tariffs: President Biden announced that the U.S. will allow solar parts from Cambodia, Thailand, Vietnam, and Malaysia to be imported duty-free for two years. President Biden said Monday’s actions are necessary to address the global energy market disruptions caused, in part, by Russia’s invasions of Ukraine. (https://www.whitehouse.gov/briefing-room/statements-releases/2022/06/06/fact-sheet-president-biden-takes-bold-executive-action-to-spur-domestic-clean-energy-manufacturing/).
U.S. Ambassador Urges Russia to Keep Embassy Open: On Monday, Russia media reported that U.S. Ambassador to Russia John Sullivan urged Russia to not close the U.S. Embassy to “preserve the ability to speak to each other.” (https://www.aljazeera.com/news/2022/6/6/dont-close-the-embassy-u-s-ambassador-tells-russia).
Chevron CEO Says Russia Still Able to Export Oil: In a meeting with The Wall Street Journal this week, Chevron CEO Mike Wirth stated that Russia is still exporting oil despite increasing sanctions on the country, but noted that the departure of Western oil companies from the country will reduce production numbers. He compared the situation in Russia to the one in Iran and Venezuela, where production eroded over time. Wirth stated that Saudi Arabia has excess capacity to make up for any losses in Russian production. (https://www.wsj.com/articles/chevron-ceo-sees-russian-oil-output-falling-after-exit-of-western-firms-11654344001?mod=hp_lista_pos1).
US Skeptical that UN-Led Talks Will Lead to Ukrainian Grain Exports: Speaking toPolitico on Sunday, unnamed US government officials stated that they were not optimistic that UN-led negotiations with Russia will lead to increased grain exports from Ukraine. The officials said that Russia’s insistence on sanctions relief in exchange for grain exports was not an option, and doubted that UN negotiators would get Russia to change its position. (https://www.politico.com/news/2022/06/05/un-russia-ukraine-grain-00037240).
Department of Justice Official Discusses Work of KleptoCapture Task Force: In an interview with Politico Thursday, Director of the KleptoCapture Task Force at DOJ, Andrew Adams, highlighted the role of international partners in effectuating U.S. and European sanctions on Russian nationals. He also noted that he hoped DOJ would create a “permanent [ ] clearinghouse for thinking about sanctions,” adding that, “A major part of the work in the first several months of the task force has been coordination, and coordination of foreign partners and essentially giving them an outlet to plug into for their own efforts. Going forward that should, that can, exist, and I think people understand that that should just exist as easy as plug and play for the next kind of crisis that exists in this space.” (https://www.politico.com/newsletters/national-security-daily/2022/06/02/kleptocapture-is-about-more-than-russian-yachts-00036743).
U.S. and EU Officials Agree to Expanded Cooperation on Export Controls: At a meeting of the U.S.-EU Trade and Technology Council on Thursday, U.S. and EU officials discussed measures each delegation could take to “strengthen export enforcement coordination” in order “to ensure that the enhance Russia controls are enforced effectively.” (https://www.commerce.gov/news/press-releases/2022/06/readout-deputy-secretary-don-graves-meeting-european-commission-export).
BIS Issues New Russia/Belarus Export Control Updates, Updates Enforcement Procedures: On Thursday, June 2, the U.S. Department of Commerce’s Bureau of Industry and Security (“BIS”) issued a new rule updating Russia and Belarus export controls and making changes to its enforcement procedures, including the following:
o Extending license requirements for Russian and Belarussian military end uses and military end users to previously excluded EAR99 food and medicine items, and corresponding adjustments to Russian and Belarusian military end users on the Entity List. License applications will be subject to case by case review.
o Revised EAR restrictions for items destined for certain regions of Ukraine, including new categories of transactions subject to case-by-case review.
o Clarifications to the Russia Industry Sector Sanctions Rule, including Supplements 2 and 4.
o Amending the EAR to make charging letters publicly available in future export enforcement cases prior to the final administrative disposition of such cases to allow BIS to heighten awareness of ongoing proceedings and export enforcement. (https://public-inspection.federalregister.gov/2022-11885.pdf).
Marriott Suspends Operations in Russia: On Friday, Marriott announced that it would suspend all operations in Russia. On March 10, Marriott had closed its corporate office in Moscow and pause the opening of upcoming hotels and all future hotel development and investment in Russia. (https://news.marriott.com/news/2022/06/03/marriott-international-statement).
U.S. DOJ Official Highlights Indictments of Russian Hackers: In remarks before the NATO Cooperative Cyber Defense Center of Excellence, Assistant Attorney General for National Security Matthew Olson noted that the DOJ is “particularly focused right now on the cyber threat from Russia, and we are bracing for the possibility of more attacks.” He also emphasized DOJ’s “all tools” approach, noting that it will “continue to aggressively investigate and prosecute individuals for malicious cyber activity,” including Russian nationals. (https://www.justice.gov/opa/speech/assistant-attorney-general-national-security-matthew-g-olsen-delivers-remarks-nato).
Bipartisan Concern Grows Over Pentagon Accounting of U.S. Support to Ukraine: Politico reported Thursday that Democrats and Republicans alike are demanding an accounting from the Pentagon on how it is spending the $40+ billion in funds passed by Congress to support the Ukrainian war effort. (https://www.politico.com/news/2022/06/02/congress-pentagon-ukraine-aid-oversight-00036463).
Treasury Imposes Additional Sanctions on Russian Elites: On Thursday, Treasury Department added over thirty new names to the Specially Designated Nationals (SDN) list targeting assets and individuals used by Russian President Vladimir Putin to evade U.S. sanctions. The sanctions target several yachts and private jets linked to Russian oligarchs, a yacht brokerage with ties to the Kremlin, Russian government officials, and Putin’s financial custodian and close friend Sergei Roldugin. (https://home.treasury.gov/news/press-releases/jy0802).
State Department Adds Further Designations of Russian Oligarchs and Elites, Close Family Members and Affiliated Entities. In coordination with the Treasury Department, the State Department also added several designations which will in turn be added to Treasury’s SDN List. The additions include eight individuals, including Foreign Ministry Spokeswoman Maria Zakharova and prominent oligarch Alexey Mordashov and his family. In addition, the State Department designated four of Mordashov’s companies, Severgroup, Severstal, Algoritm, and Nord Gold. All designated individuals will be added to the SDN list. (https://www.state.gov/promoting-accountability-and-imposing-costs-on-the-russian-federation-and-its-enablers-for-putins-aggression-against-ukraine/).
Treasury Issues Four General Licenses Related to the New Sanctions: The Treasury Department issued four Russia-related General Licenses consistent with the newly imposed sanctions from the Treasury and State Departments:
o General License 25B adds Algoritm as an unauthorized party for transactions related to telecommunications and certain internet-based communications;
o General License 36 authorizes the wind down of transactions involving Severstal and any entity owned 50 percent or more, directly or indirectly, by Severstal through 12:01am est on August 31, 2022;
o General License 37 authorizes the wind down of transactions involving Nord Gold and any entity owned 50 percent or more, directly or indirectly, by Nord Gold through 12:01am est on July 1, 2022; and
o General License 38 authorizes transactions related to pension payments to U.S. persons that are otherwise blocked by E.O. 14024.
Commerce to Add 71 Russian and Belarusian Parties to the Entity List: The White House announced today that, in conjunction with the sanctions from Treasury and State, the Commerce Department will add seventy-one parties located in Russia and Belarus to the Entity List. This announcement brings the total number of Russia-related parties added to Treasury’s Specially Designated Nationals and Blocked Persons List to 1,000, and brings the total added to the Commerce’s Entity List to over 300. (https://www.whitehouse.gov/briefing-room/statements-releases/2022/06/02/fact-sheet-united-states-takes-further-actions-to-counter-sanctions-evasion-by-russia/).
Secretary of State Blinken Discusses Ukraine with UK Foreign Secretary Truss: In a call with UK Foreign Secretary Elizabeth Truss on Thursday, Secretary of State Anthony Blinken spoke to the importance of transatlantic unity against Russian aggression and the need to ensure vital agricultural commodities can leave Ukraine to provide the world critical food supplies. (https://www.state.gov/secretary-blinkens-call-with-uk-foreign-secretary-truss-8/).
Russia Sanctions Impact Jobs in U.S.: The Washington Post published an article detailing the story of Buyk, a delivery startup company that declared bankruptcy shortly after Russia invaded Ukraine. Buyk was a U.S. subsidiary of Samokat, one of the most popular grocery-delivery services in Russia. (https://www.washingtonpost.com/business/2022/06/02/russia-sanctions-ultrafast-delivery-buyk/).
Fractures Emerge Within the Biden Administration Over Potential Russian Energy Sector Sancfions: Bloomberg reported Wednesday that the Biden Administration is divided in its efforts to punish Russia for the invasion of Ukraine. One faction, led by officials in the State Department and White House are urging the President to impose secondary sanctions on Russian oil exports. Another, comprised by officials at the Treasury Department, are urging the President to impose a cap on oil prices in order to allow countries to buy Russian energy while limiting its revenues at the same time. (https://www.bloomberg.com/news/articles/2022-06-01/us-wavers-over-next-russia-sanctions-as-fears-of-divide-grow).
U.S. in Talks with UN to Resume Ukrainian and Russian Food Exports: Reuters reported Tuesday that U.S. Ambassador to the UN, Linda Thomas-Greenfield, told UN Secretary General Antonio Guterres that the U.S. is prepared to give “comfort letters” to shipping and insurance companies that export Russian grain and fertilizer (products, she noted, that are not sanctioned by the U.S.), yet Russian Foreign Minister Sergei Lavrov told reporters on Wednesday that Russia could not export grain due to sanctions against its ships. (https://www.reuters.com/markets/commodities/un-had-constructive-talks-moscow-russian-grain-fertilizer-exports-2022-05-31/; https://www.reuters.com/markets/commodities/russia-says-it-is-facing-difficulties-exporting-grain-due-sanctions-ships-2022-06-01/).
U.S. Taskforce Zeroes In on Oligarchs’ Assets:The New York Times reported Wednesday that KleptoCapture, a multi-agency investigative taskforce has begun gathering evidence to disrupt and prosecute businesses and individuals who knowingly assisted Russian individuals’ efforts to evade U.S. sanctions. The Report noted that the U.S. is working alongside investigators from Europe to uncover the ownership behind the networks of shell companies listed as owning superyachts, Italian villas, and the like. (https://www.nytimes.com/2022/06/01/world/europe/russia-oligarchs-yachts-middlemen.html)
Biden Administration Plans to Send Rocket System to Ukraine: U.S. officials report that the Ukraine aid package expected to be announced on Wednesday will provide medium-range rockets that can generally travel forty-five miles. Despite President Biden’s remarks on Monday, the anticipated rocket systems would be capable of striking into Russia if close enough to the border. (https://apnews.com/article/russia-ukraine-biden-technology-government-and-politics-e77ec819fa5a25b5711e2af2828f8579; https://www.forbes.com/sites/sebastienroblin/2022/05/31/biden-decoded-ukraine-will-get-us-rocket-systems-but-not-long-range-missiles/?sh=47b741b0a389).
Debate Within Biden Administration About Seizing Russian Assets to Help Ukraine: Amid increased global calls for seizure of sanctioned Russian assets, including support from some EU member states, discussion at the G7, and Congressional proposals, Biden administration officials are debating how to find a common ground with the EU on a seizure of certain sanctioned Russian funds (including Russian Central Bank funds) and possible ramifications (including the legality under US law and the risk of other countries putting their central bank reserves in non-US Dollar currencies). Canada is also considering similar measures. (https://www.nytimes.com/2022/05/31/us/politics/russia-sanctions-central-bank-assets.html).
White House Refuses to Send Long-Range Missiles to Ukraine: Speaking to reporters before his Memorial Day address, President Biden stated that the US is “not going to send to Ukraine rocket systems that can strike into Russia.” (https://www.whitehouse.gov/briefing-room/speeches-remarks/2022/05/30/remarks-by-president-biden-after-marine-one-arrival-10/).
White House Issues Proclamation Suspending Section 232 Duties on Steel Imports from Ukraine: Late Friday, the White House issued a proclamation suspending Section 232 import duties on Ukrainian steel products for one year. This proclamation reinforces the Department of Commerce’s announcement of the suspension of the Section 232 tariffs for Ukraine earlier this month. (https://www.whitehouse.gov/briefing-room/presidential-actions/2022/05/27/a-proclamation-adjusting-imports-of-steel-into-the-united-states-ukraine/).
White House Opposes Russian Proposal to Lift Sanctions in Exchange for Food Exports: During her press briefing on Thursday, White House Press Secretary Karine Jean-Pierre said that the President is a “no” on lifting sanctions on Russia in exchange for food exports in the Black Sea. Jean-Pierre emphasized that sanctions on Russia do not impact the food and fertilizer sectors, and added that Russia was at fault for the impending food shortages. (https://www.whitehouse.gov/briefing-room/press-briefings/2022/05/26/press-briefing-by-press-secretary-karine-jean-pierre-may-26-2022/).
Treasury Sanctions Russian Banks for Facilitating Payments for North Korea: On Friday, the Treasury Department added new names to the Specially Designated Nationals list in connection with new missile activity in North Korea. Two of the new designations are for the Far Eastern Bank and Bank Sputnik, two Russian banks that facilitated payments on behalf of North Korean entities. (https://home.treasury.gov/news/press-releases/jy0801).
Secretary of State Blinken Calls Ukrainian Counterpart: On Friday, Secretary of State Antony Blinken called Ukrainian Foreign Minister Dmytro Kuleba for the second time this week. The pair discussed food security issues stemming from the conflict in Ukraine, and Secretary Blinken stated that the US and its allies will continue to support Ukraine through the crisis and its consequences. (https://www.state.gov/secretary-blinkens-call-with-ukrainian-foreign-minister-kuleba-24/).
Senator Ted Cruz Lobbied to Lift Ban on Russian Ammunition Imports: On Friday, The Washington Postreported that Senator Ted Cruz (R-TX) sent a letter to the Secretary of State and Secretary of the Treasury on September 3 calling on them to lift an embargo on Russian ammunition imports, calling it “an attempt at gun control.” Other signatories of the letter included Representatives Elise Stefanik (R-NY), Marjorie Taylor Green (R-GA), and Lauren Bobert (R-CO). (https://www.salon.com/2022/05/27/this-is-an-attempt-at-control-ted-cruz-fought-russian-sanctions-over-ammo-shortage-concerns_partner/
House Foreign Affairs Committee Chairman in Europe to Discuss Black Sea Blockade: During meetings in Europe this week, House Foreign Affairs Committee Chairman Gregory Meeks (D-NY) spoke to various officials on the issue of food security emanating from the conflict in Ukraine. He stated that the blockade and restricted food exports are contributing to starvation and increases in food prices worldwide. (https://thegrio.com/2022/05/27/white-house-sanctions-russia-grains-food-shortages/).
US Rules Out Sanctions Relief for Russia in Exchange for Grain Exports: Speaking on Thursday, State Department Spokesman Ned Price ruled out sanctions relief in exchange for grain exports from Ukraine and Russia, saying, “I think we have – all have good reason to be skeptical when we hear various pledges and offers from Russia.” (https://news.yahoo.com/us-rules-lifting-russia-sanctions-093300132.html).
Secretary of State Blinken Criticizes China’s Ties with Russia: In a speech on Thursday outlining the administration’s China policy, Secretary of State Antony Blinken criticized recent meetings between Chinese President Xi Jinping and Russian President Vladimir Putin, saying “Beijing’s defense of President Putin’s war to erase Ukraine’s sovereignty and secure a sphere of influence in Europe should raise alarm bells for all of us who call the Indo-Pacific region home.” (https://www.state.gov/the-administrations-approach-to-the-peoples-republic-of-china/).
Treasury Sanctions Iranian Groups with Russian Ties: In sanctioning 10 people from four countries and nine companies on Wednesday, the Treasury Department took action against an international oil smuggling and money laundering network led by the Islamic Revolutionary Guard Corps and Qods Force. The ring has deep ties in Russia, according to the release. Two of the sanctioned individuals were Kamaluddin Gulam Nabizada, a former Afghanistan ministry official in Moscow, who is accused of raising money for the IRGC-QF with the help of senior Russian government and intelligence officials, and his associate, Mihrab Suhrab Hamidi, who specializes in oil trades. (https://www.upi.com/Top_News/US/2022/05/26/sanctions-Iran-oil-smuggling-network/6351653535986/).
Energy Secretary Says Russia “Weaponizing” Energy: While speaking at a General Electric facility on Thursday, Energy Secretary Jennifer Granholm said that Russia is “weaponizing energy, which is another reason why as a nation, we should move to energy sources that cannot be weaponized.” She cited recent gas shutoffs in Poland and Finland as proof of this trend. The remainder of her speech focused on domestic energy production. (https://www.cnn.com/2022/05/26/business/russia-oil-gas-ukraine-granholm/index.html).
Treasury Department Extends Russia General License 13A: On Wednesday, the Treasury Department issued General License 13A, which permits US persons to pay taxes, fees, or import duties, and purchase or receive permits, licenses, registrations, or certifications, regardless of whether these transactions violate restrictions on payments with the Russian Central Bank, National Wealth Fund, and Ministry of Finance. The new license is valid until 12:01am on September 30, 2022. (https://home.treasury.gov/system/files/126/russia_gl13a.pdf).
Treasury Official Outlines Russia Sanctions Program at Anti-Money Laundering Conference:Speaking on Wednesday at SIFMA’s Anti-Money Laundering and Financial Crimes Conference, Under Secretary of the Treasury for Terrorism and Financial Intelligence of the United States Brian Nelson discussed the Treasury Department’s efforts to sanction Russia. He stated that the measures to date are intended to hinder the Russian economy, notably the defense sector, and to improve enforcement. He thanked the private sector for their partnership in this effort, highlighting the Department’s guidance, outreach, and enforcement measures as ways to inform the public. (https://home.treasury.gov/news/press-releases/jy0800).
Nike Leaving Russian Market: On Wednesday, Nike announced that it would not extend its franchise agreement with Russia’s Inventive Retail Group (“IRG”) the largest retailer of Nike products in the country. The stores will close once all goods are sold. Nike previously suspended online sales in Russia and closed all of its shops, including ones operating under franchise agreements, in the country. (https://www.rferl.org/a/nike-marks-spencer-leave-russia-ukraine-war/31867200.html).
Treasury Declines to Renew Russian Sovereign Debt License: On Tuesday, the Treasury Department announced that it would not extend General License 9C, which permits US persons to process interest payments on Russian sovereign debt held with the Russian central bank, the national wealth fund of the Russian Federation, or the Russian Ministry of Finance. The license also permitted other wind-down activity related to debt held at the following Russian banks: Vneshcombank, Bank Otkritie, Sovcombank, Sberbank, VTB, or any entity owned 50 percent or more by any of those entities. The license for these transactions was set to expire tomorrow, though several reports indicated that the Department was unlikely to renew the license. The move increases the likelihood that Russia will default on its debt. (https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20220524_33;https://www.nytimes.com/2022/05/24/us/politics/russian-debt-treasury.html).
Secretary of Commerce Calls for Russia Restrictions to Remain in Place “For a Long Time”: Speaking at the World Economic Forum in Davos, Switzerland, Secretary of Commerce Gina Raimondo stated Russia “need[s] to be denied the benefits of the global economy and the global economic order for a long time,” adding, “these export controls, they are not going away any time soon.” While she declined to discuss post-war sanctions, she noted that Russia must also pay reparations to Ukraine. (https://www.wsj.com/livecoverage/russia-ukraine-latest-news-2022-05-24/card/russia-must-pay-serious-long-term-price-for-ukraine-war-u-s-commerce-chief-says-ScJky3zvtsDsMNQTVQsI).
Administration Official Headed to India to Discuss Sanctions: On Tuesday, the Treasury Department confirmed that an unnamed administration official was traveling to India on Tuesday to discuss American sanctions on Russia with Indian government and private sector representatives. The US has called on India to not increase its purchases of Russia oil. (https://www.reuters.com/world/us-treasury-official-heads-india-discuss-russian-oil-purchases-2022-05-24/).
Secretary of State Discusses Food Security with Ukrainian Counterpart: On Tuesday, Secretary of State Antony Blinken called his Ukrainian counterpart, Dmytro Kuleba. The two discussed ongoing diplomatic efforts related to the war in Ukraine, including food security issues related to the conflict. The two also discussed the recently passed $40 billion assistance package that Congress approved for Ukraine. (https://www.state.gov/secretary-blinkens-call-with-ukrainian-foreign-minister-kuleba-23/).
Biden Calls Russia Conflict a “Global Concern” in Quad Summit Remarks: Speaking before meeting with the leaders of India, Japan, and Australia for the “Quad Summit,” President Biden provided remarks on the conflict in Ukraine, saying “this is more than just a European issue; it’s a global issue.” Of the four members of the Quad, only India has refused to impose sanctions on Russia. (https://www.whitehouse.gov/briefing-room/speeches-remarks/2022/05/24/remarks-by-president-biden-prime-minister-kishida-fumio-of-japan-prime-minister-narendra-modi-of-india-and-prime-minister-anthony-albanese-of-australia-at-the-second-in-person-quad-leaders/).
Biden Suggests Russia Sanctions will Remain in Place Even in Event of Russia-Ukraine “Rapprochement”: Speaking at a news conference during travel to Japan, President Biden stated that, even if there is a “rapprochement” between Ukraine and Russia, sanctions on Russia should not be lifted quickly. The reason, he said, was to send a signal to China “about the cost of attempting to take Taiwan by force.” (https://www.whitehouse.gov/briefing-room/speeches-remarks/2022/05/23/remarks-by-president-biden-and-prime-minister-fumio-kishida-of-japan-in-joint-press-conference/).
US, Japan Reiterate Support for Ukraine, Call on China To Distance Itself from Russia: In a joint declaration released after President Biden and Prime Minister Fumio Kishida met on Monday, the US and Japan “expressed solidarity with the Ukrainian people in responding to Russia’s aggression through sanctions, including financial sanctions, export controls, and other steps, taken with like-minded countries to impose long-lasting economic costs on Russia.” They called on China to “to stand with the international community and unequivocally condemn Russia’s actions in Ukraine” as well. (https://www.whitehouse.gov/briefing-room/statements-releases/2022/05/23/japan-u-s-joint-leaders-statement-strengthening-the-free-and-open-international-order/).
Starbucks Exits Russia: On Monday, Starbucks announced that it “has made the decision to exit [Russia] and no longer have a brand presence in the market.” The company previously had suspended all business activity in the country. The company will pay its Russian employees for six more months as they transition to other professional opportunities. (https://stories.starbucks.com/press/2022/update-to-starbucks-partners-on-our-business-in-russia/).
Marriott Assessing Russian Business: Speaking with The Wall Street Journal on the sidelines of the World Economic Forum, Marriott CEO Anthony Capuano stated that the company is having weekly calls about the company’s continued operations in Russia. (https://www.wsj.com/livecoverage/russia-ukraine-latest-news-2022-05-23/card/marriott-regularly-discusses-russia-operations-says-ceo-aMqpdfqLQgVONgM4LLdQ).
President Biden Signs $40 Billion Ukraine Aid Package: President Biden signed the $40 billion assistance package for Ukraine before a state dinner in Seoul, South Korea, on Saturday. The package passed earlier in the week, but after the President had already departed on his visit to Asia. (https://www.cnn.com/europe/live-news/russia-ukraine-war-news-05-21-22/h_b33e398d1daee2bf397d3e1b3fc21a7d; https://www.whitehouse.gov/briefing-room/legislation/2022/05/21/bills-signed-h-r-7691-and-h-r-7791/).
YouTube Blocks Pro-Invasion Content: On Sunday, YouTube announced that it had removed 9,000 channels and 70,000 individual videos for a violation of YouTube’s major violent events policy. YouTube did not provide a breakdown by topic of reviewed videos, but YouTube’s Chief Product Officer Neal Mohan said, “I don’t have the specific numbers, but you can imagine a lot of it being the narratives that are coming from Russian government, or Russian actors on behalf of the Russian government.” (https://www.theguardian.com/technology/2022/may/22/youtube-ukraine-invasion-russia-video-removals).
American Companies Operating in Russia Face Legal And Practical Landmines: On Friday, The New York Times published an article profiling US steel company Arconic, whose facility in Samara, Russia remains open. The company’s predicament illustrates a larger concern: sanctions on Russia have made it difficult for the company to continue operating (though there is no indication that Arconic is operating in violation of US sanctions itself), but if it suspends operations in Russia due to sanctions, it risks liability under new Russian laws. (https://www.nytimes.com/2022/05/20/world/europe/russia-ukraine-arconic-samara.html).
BIS Issues Temporary Denial Order Against Fifth Russian Airline, Names Plane in Violation of Export Controls: On Friday, the US Department of Commerce’s Bureau of Industry and Security (“BIS”) announced an order denying export privileges for Rossiya Airlines, the fifth Russian airline to receive such a designation from the office. The Temporary Denial Order suspends Rossiya Airlines’ rights to participate in transactions subject to the Export Administration Regulations (“EAR”), and will remain in place for 180 days, subject to renewal. BIS also publicly identified a 787 Dreamliner owned by Russian oligarch Roman Abramovich as an aircraft in likely violation of US export controls, the second plane owned by Abramovich to receive the designation. The notification alerts the public that any form of service to the aircraft subject to the EAR will require US government authorization. (https://www.bis.doc.gov/index.php/documents/about-bis/newsroom/press-releases/2994-2022-05-20-press-release-bis-rossiya-tdo-and-list-update-final/file).
President Biden to Sign Ukraine Assistance Bill During Trip to Asia: National Security Council staff confirmed to CNN on Friday that President Biden intends to sign the recently-passed $40 billion Ukraine assistance package into law during his trip to Asia this week. The Senate passed the legislation on Thursday, after the President and his delegation had already departed for Korea; the bill will be flown to Korea with a person who was already traveling to the region for their official duties. (https://www.cnn.com/europe/live-news/russia-ukraine-war-news-05-20-22/h_7d77e8ea071145ebe3f241334a553418).
Biden Administration Considering Additional Energy Sanctions: The New York Times reported on Thursday that the US is considering additional sanctions on Russian oil, including secondary sanctions. The reported proposal includes a price cap on Russian oil, enforced by secondary sanctions on foreign companies that sell Russian oil above the price cap. The goal of this program would be to encourage foreign countries to avoid purchasing Russian oil. Treasury Secretary Janet Yellen confirmed that she had discussed this sanctions package with counterparts in press appearances during her visit to Europe. (https://www.nytimes.com/2022/05/19/us/politics/russia-ukraine-oil-sanctions.html;https://www.wsj.com/livecoverage/russia-ukraine-latest-news-2022-05-19/card/yellen-says-u-s-allies-discuss-secondary-sanctions-to-enforce-possible-price-cap-on-russian-oil-NU9xk0vbdJ5wMD6yfQ5K).
Treasury Secretary Says US has No Authority to Seize Russian Central Bank Assets: Speaking to reporters on Wednesday, Treasury Secretary Janet Yellen stated that the Treasury Department does not have the legal authority to seize frozen Russian central bank assets. She still supported proposals that would make Russia finance Ukraine reconstruction. (https://www.reuters.com/world/yellen-not-legal-us-government-seize-russian-central-bank-assets-2022-05-18/).
McDonald’s Finds Buyer for Russian Business License: In keeping with its announcement to end Russian business earlier in the week, McDonald’s stated on Thursday that it had agreed to sell its Russian business license to Alexander Govor, an existing McDonald’s licensee. Financial terms were not disclosed, but the agreement requires McDonald’s to retain employees for at least two years on equivalent terms and fund corporate salaries until closing. The new company cannot use McDonald’s branding or menus. (https://www.wsj.com/articles/mcdonalds-to-sell-russian-business-to-licensee-11652963542?mod=livecoverage_web).
Senate Overwhelmingly Passes $40 Billion Ukraine Assistance Package: On Thursday, the Senate passed a $40 billion military and humanitarian assistance package for Ukraine by a vote of 86-11. The House approved the package last week; the legislation now heads to the President’s desk for signature. (https://www.nbcnews.com/politics/congress/delay-senate-poised-send-40-billion-ukraine-aid-biden-rcna29470).
President Biden Authorizes $100 Million in Security Assistance: After thanking the Senate for passing the $40 billion Ukraine assistance package and expressing an intent to sign the bill quickly, President Biden announced that he had authorized an additional $100 million in military assistance to Ukraine. The package includes artillery, radar and other defense articles. (https://www.whitehouse.gov/briefing-room/statements-releases/2022/05/19/statement-by-president-joe-biden-on-senate-passage-of-ukraine-supplemental/).
Senate Unanimously Confirms New Ambassador to Ukraine: On Wednesday evening, the Senate unanimously voted to confirm Bridget Brink to be the US Ambassador to Ukraine. She is the first Senate-confirmed Ambassador to the country in three years. (https://www.politico.com/news/2022/05/18/senate-unanimously-confirms-brink-as-ukraine-ambassador-00033654).
Treasury Secretary Expresses Preference to Let Russian Debt License Expire: Speaking at a press conference in Bonn, Germany on Wednesday, Treasury Secretary Janet Yellen was asked about recent reports regarding negotiations at the Department on allowing General License 9A, which permits US persons to collect Russian sovereign debt payments, to expire. She stated, “The expectation was that it was time limited. So, I think it’s reasonably likely that the license will be allowed to expire. There has not been a final decision on that. But I think it’s unlikely that it would, you know, it would continue.” (https://home.treasury.gov/news/press-releases/jy0793).
US National Security Professionals Report Reduced Russian Ransomware Activity Since Invasion: Representatives from the National Security Agency’s cybersecurity directorate toldThe Wall Street Journal on Wednesday that they are seeing less Russian ransomware and hacking activity in the US since the start of the Russian invasion of Ukraine. They did not have an explanation for the reduction in activity, and warned that the frequency of ransomware attacks may increase at any time. (https://www.wsj.com/articles/u-s-saw-signs-of-decline-in-russian-ransomware-strikes-at-start-of-ukraine-war-11652875200?mod=hp_listb_pos5).
Secretary of State Announces $215 million in Food Security Assistance to Ukraine: Speaking at the UN on Wednesday, Secretary of State Antony Blinken announced an additional $215 million in emergency food security assistance to Ukraine. He added that he expects Congress to approve an additional $5.5 billion in humanitarian assistance and food security for Ukraine. (https://www.cnn.com/europe/live-news/russia-ukraine-war-news-05-18-22/h_20183f78079851d98c8afcbe82b6b47d).
US Embassy Reopens in Kyiv: On Wednesday, the US Embassy in Kyiv officially resumed operations, with the help of additional security assistance. (https://www.state.gov/raising-the-flag-at-u-s-embassy-kyiv/).
US Reportedly Letting Russian Sovereign Debt License Expire: Sources at the Treasury Department told Bloomberg on Tuesday that they plan to let General License 9A, which permitted US persons to receive payments from the Russian Central Bank for repayment of sovereign debt obligations, to expire. Though the move is not final, it would significantly hinder Russia’s ability to pay its sovereign debts. The next round of Russian debt payments are due on May 26; the country narrowly escaped default earlier this month. (https://www.bloomberg.com/news/articles/2022-05-17/us-set-to-block-russian-debt-payments-raising-odds-of-default).
US Proposes EU Tariffs on Imports of Russian Oil: The Wall Street Journal reported on Tuesday that the US is urging EU counterparts to consider imposing a tariff on Russian oil imports before the oil embargo comes into effect, or in place of a full embargo. This policy would allow European countries to still purchase Russian oil, while minimizing the revenues that Russia gains from such transactions. (https://www.wsj.com/livecoverage/russia-ukraine-latest-news-2022-05-17/card/u-s-pushes-for-tariff-on-russian-oil-imports-JVGpd0mrhSYKLFbFoqNU).
Commerce Department Enforcememt Official Discusses Enforcement of Russia Sanctions: During a speech to the Society for International Affairs on Monday, Assistant Secretary of Commerce for Export Enforcement Matt Axelrod discussed efforts already taken to sanction Russia, and the Department’s intended next steps. After summarizing enforcement actions under the new Russia sanctions to date, he discussed future restrictions, saying that the Department would be changing its policies on administrative enforcement in order to ensure compliance with the new export control laws. His proposed reforms included publicizing charging letters, reconsidering use of no admit/no deny settlements, and increasing penalty amounts. (https://www.bis.doc.gov/index.php/documents/about-bis/newsroom/press-releases/2992-2022-05-16-remarks-as-axelrod-to-sia/file).
Treasury Department to Ease Sanctions on Venezuela, Allowing European Companies to Export Venezuelan Energy Products: On Tuesday, Bloomberg reported that the Treasury Department plans to reduce sanctions on Venezuela, which will allow European companies operating in Venezuela to divert Venezuelan oil to the EU. Major oil producer Chevron will also be allowed to negotiate a resumption of operations in the country. The move is likely an effort to ease the pain of impending restrictions on EU imports of Russian oil. (https://www.bloomberg.com/news/articles/2022-05-17/us-to-lift-some-sanctions-on-venezuelan-oil-ease-chevron-talks).
Treasury Secretary Praises European Efforts to Restrict Russian Energy Imports During Trip to Brussels: On Tuesday, Secretary of the Treasury Janet Yellen visited Brussels, where she met with European Commission President Ursula von der Leyen, as well as European Commission Executive Vice President Valdis Dombrovskis and European Commissioner for the Economy Paolo Gentiloni. She also spoke at the Brussels Economic Forum, where she praised EU efforts to reduce dependence on Russian oil, saying “I know that Europe is facing a uniquely difficult situation, given existing infrastructure and supply contracts with Russia over the near term. That is why I commend European leaders for their proposal to phase out all Russian energy supplies within six months.” She added that the conflict indicates that the EU and US should rely on allies, not Russia and China, for sourcing raw materials. (https://home.treasury.gov/news/press-releases/jy0789;https://home.treasury.gov/news/press-releases/jy0789).
Ukraine Aid Bill Clears Senate Procedural Hurdle: On Monday evening, the Senate voted to advance the $40 billion assistance package for Ukraine passed by the House by a vote of 81-11. All 11 votes against the bill came from Republicans concerned about increased government spending. Senate leadership expects a final vote on the legislation later this week. (https://news.yahoo.com/11-republican-senators-vote-against-232243255.html).
State Department Launches New Center for Collecting Information on Russian War Crimes:On Tuesday, the State Department announced the creation of a new Conflict Observatory. This online platform will collect documentation, verify, and disseminate open source evidence related to Russian atrocities committed during the conflict in Ukraine. (https://www.state.gov/promoting-accountability-for-war-crimes-and-other-atrocities-in-ukraine/).
Commerce Department Confirms Reduction in Chinese Exports to Russia: Speaking to Commerce Secretary Gina Raimondo, The Washington Post confirmed export figures first reported by The Wall Street Journal indicating that Chinese exports of laptops to Russia fell by 40 percent in March, and Chinese exports of telecommunications network equipment to Russia fell by 98 percent in March. The Secretary said that these figures indicate the success of US export control programs. (https://www.washingtonpost.com/world/2022/05/17/china-russia-tech-exports/).
US-EU Trade and Technology Council Joint Statement Highlights Export Controls, Supply Chain Security: On Monday, the US-EU Trade and Technology Council released a joint statement from US and EU parties on their recent meeting. Among other items, the parties committed to “build on and enhance…collaboration” on controls on exports to Russia, and to “develop a common early warning and monitoring mechanism on semiconductor value chains” due to supply chain disruptions as a result of the invasion of Ukraine. The joint statement also demonstrates a commitment to further investment in Ukraine. (https://ec.europa.eu/commission/presscorner/detail/en/ip_22_3034).
Treasury Secretary Visits Poland: From May 14 to 16, Treasury Secretary Janet Yellen visited Poland. The Secretary met with Polish Prime Minister Mateusz Morawiecki, Finance Minister Magdalena Rzeczkowska and Governor of Narodowy Bank Polski Adam Glapiński during her visit. She welcomed the country’s leadership in holding Russia accountable for its invasion of Ukraine, and also promoted international efforts to combat rising food insecurity as a result of the invasion of Ukraine. (https://home.treasury.gov/news/press-releases/jy0786; https://home.treasury.gov/news/press-releases/jy0783).
McDonalds Selling Russian Business: On Monday, McDonalds announced that it was selling all business units and restaurants in Russia; it had previously temporarily closed all business operations in Russia. After the sale to a local buyer, the restaurants will no longer use the McDonalds name, logo, branding, or menu. In connection with the exit, McDonald’s said it expects to record an accounting charge of between $1.2 billion and $1.4 billion, and recognize a significant foreign currency translation loss. (https://www.wsj.com/articles/mcdonalds-to-exit-from-russia-11652697074).
Support Builds for Enhanced Sanctions on Russian Gold, Diamonds: Though the US has already imposed sanctions on Russian diamond company Alrosa, jewelry made with Russian diamonds and gold is still entering the US after it is further processed in other countries. Members of Congress like Elissa Slotkin (D-MI) are organizing bipartisan letters to the Treasury Department to close this loophole, and private companies like Tiffany and Signet are independently investigating their supply chains and publicly committing to not use Russian diamonds. Jewelers with tighter profit margins may have difficulty in implementing these measures, as gold with a fully traceable supply chain, for example, can cost 20 percent more than other gold. (https://www.wsj.com/articles/why-its-so-hard-to-keep-russian-diamonds-and-gold-out-of-the-u-s-despite-sanctions-11652526180?mod=hp_lead_pos2).
Senate Minority Leader Supports Designating Russia as a State Sponsor of Terrorism: During remarks in Stockholm, Sweden on Sunday, Senate Minority Leader Mitch McConnell (R-KY) said that he supported designating Russia as a state sponsor of terrorism, saying “The president could do it on his own, and I would urge him to do it.” He also called on the Senate to quickly pass a $40 billion package of military assistance to Ukraine. Senator McConnell recently visited Kyiv and met with Ukrainian President Volodymyr Zelenskyy, along with Senators John Barasso (R-WY), Susan Collins (R-ME), and John Cornyn (R-TX). (https://thehill.com/news/senate/3489027-mcconnell-urges-biden-to-name-russia-a-state-sponsor-of-terrorism/).
Secretary of State Says NATO Prepared to Continue Sanctions “As Long As Necessary”:During press availability before meetings with NATO foreign ministers on Sunday, Secretary of State Antony Blinken said, “Every member of the Alliance wants to bring this war to an end as soon as possible, but we’re equally determined to maintain our security assistance to Ukraine, to continue our sanctions, export controls, and diplomatic pressure on Russia for as long as it’s necessary.” (https://www.state.gov/secretary-antony-j-blinken-at-a-press-availability-18/).
Russia Features Prominently in Treasury Department’s 2022 Illicit Finance Strategy: On Friday, the Treasury Department released its 2022 National Strategy for Combatting Terrorist and Other Illicit Financing. As the first strategy published since the Russian invasion of Ukraine, the report mentions illicit finance activity involved in Russian sanctions evasion many times, and the Department promises to “(1) continue to identify and seize U.S. assets owned or controlled by designated Russians, including through the KleptoCapture and Russian Elites, Proxies, and Oligarchs (REPO) task forces; and (2) improve detection and reporting by financial institutions and other private sector entities of Russian sanctions evasion.” (https://home.treasury.gov/system/files/136/2022-National-Strategy-for-Combating-Terrorist-and-Other-Illicit-Financing.pdf).
Deputy Treasury Secretary Urges International Banks to Stop Supporting Russia Sanctions Evasion: In private meetings on Friday, Deputy Treasury Secretary Wally Adeyemo met with representatives of international banks to lay out the consequences of helping Russians break sanctions. He focused on the “material support provision” that allows the US to take action if foreign domiciled banks help Russians evade sanctions. (https://www.nytimes.com/2022/05/13/us/politics/russia-sanctions-evasion-treasury.html).
G7 Agriculture Ministers Meet to Discuss Grain Exports: On Friday, the G7 agriculture ministers met in Stuttgart, Germany to discuss alternative routes to ship grain and agricultural products out of Ukraine to avoid a global food crisis. Ukrainian Agriculture minister Mykola Solosky also attended the meeting, which discussed corridors over land and via the Danube River. (https://www.wsj.com/livecoverage/russia-ukraine-latest-news-2022-05-13/card/g-7-discusses-how-to-help-ukraine-export-its-grain-despite-russian-blockade-2YyuQSqe7dYfLB3hvNnt).
Treasury Secretary Traveling to Europe: On Friday, the Treasury Department announced that Treasury Secretary Janet Yellen will travel to the G7 finance ministers meeting on May 19 and 20 in Germany. Prior to the meeting, she will travel to Warsaw, Poland and Brussels, Belgium. The travel announcement indicates that the Secretary and allies will “continue their united efforts to support Ukraine and to increase economic pressure on Russia to end its brutal and illegal war” during the trip. (https://home.treasury.gov/news/press-releases/jy0780).
Secretary of State To Travel to Europe: On Friday, the State Department announced that Secretary of State Blinken will travel to Berlin to meet with NATO foreign ministers, and Paris to meet with the US-EU Trade and Technology Council. (https://www.state.gov/assistant-secretary-for-european-and-eurasian-affairs-karen-donfried-on-the-secretarys-upcoming-travel-to-germany-and-france/).
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