Sanctions against Russia
40 Commons Library Research Briefing, 22 March 2023
4.1 United States
Initial sanctions
In immediate response to the Russian recognition of the DPR and LPR,
President Biden signed an Executive Order prohibiting new trade, investment
and financing in the DPR and LPR and providing for sanctions to be imposed
against anyone operating in those regions.
The White House said the measures were solely a response to "Russia's
recognition gambit" and did not represent the "swift and severe economic
measures" that were being discussed with allies should Russia invade
Ukraine.
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A package of initial sanctions measures was then announced by the US
administration on 22 February 2022:
• Full blocking sanctions on two Russian financial institutions:
Vnesheconombank and Promsvyazbank, and their subsidiaries. Their
assets in the US will be frozen and US individuals and companies will be
prohibited from doing business with them.
• Expanded sovereign debt prohibitions that will restrict US individuals and
businesses from participation in secondary markets for new debt issued
by the Central Bank of the Russian Federation, the National Wealth Fund
of the Russian Federation, and the Ministry of Finance of the Russian
Federation.
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White House, Statement by Press Secretary Jen Psaki on Russian announcement on eastern Ukraine,
21 February 2022
7 Latest developments
Since this briefing was last updated (16 February 2023):
• On 24 February 2023, and to coincide with the first anniversary of Russia's
invasion of Ukraine, the US announced, in concert with allies, a
significant package of additional sanctions measures. Entities within
Russia's nuclear sector and defence industry were targeted, along with
additional financial institutions, third party actors involved in sanctions
evasion, and over 60 individuals and entities complicit in Russia's policies
of aggression towards Ukraine and in the illegitimate administration of
Russian-occupied territories.
• The US also announced an increase in tariffs imposed on a variety of
goods imported from Russia. Metal and metal products will not be
subject to a 70% import tariff.
