Sanctions against Russia
43 Commons Library Research Briefing, 22 March 2023
At the end of March 2022, several Russia technology companies were also
designated by the US including Mikron, Russia's largest microchip maker and
exporter of more than 50% of Russian microelectronics.
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The US Treasury
also expanded its sanctions authority to include the aerospace, marine and
electronics sectors of the Russia economy, allowing for sanctions to be
imposed on any company or individual operating in those sectors.
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US ban on Russian oil, gas and coal imports
On 8 March President Biden signed an Executive Order banning the import of
Russian crude oil, certain petroleum products, liquefied natural gas and coal
to the United States. In 2021 imports of Russian oil accounted for just under
10% of total US imports.
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In doing so, the US administration acknowledged that "not all of our Allies
and partners are currently in a position to join us. But we are united with our
Allies and partners in working together to reduce our collective dependence
on Russian energy".
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Restrictions have also been placed on US investment in Russia's energy
sector, either directly or indirectly through foreign companies.
As outlined above, at the beginning of September the US, as a member of the
G7, also agreed to work toward the introduction of a price cap on oil imports,
in coordination with the EU and a broader coalition of third nations.
Revoking Russia's MFN status
On 11 March President Biden confirmed that the US will revoke Russia's
Permanent Normal Trade Relations (PNTR) status, also referred to as Most
Favoured Nation (MFN) status.
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Revoking PNTR status will allow the US to
increase, and impose new, tariffs on all Russian imports.
The legislation will also apply to Belarus, which will be prevented from joining
the World Trade Organisation (WTO).
Congressed fast tracked the legislation, on a bipartisan basis, and President
Biden signed the Suspending Normal Trade Relations with Russia and Belarus
Act into law on 8 April 2022.
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US Department of the Treasury, Sanctions Notice, 31 March 2022
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US Department of the Treasury, Press release, 31 March 2022
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White House, Background press call, 8 March 2022
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White House, Fact sheet, 8 March 2022
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White House, Remarks by President Biden announcing actions to continue to hold Russia
accountable, 11 March 2022
