UK, BIS, NZ Expand Russia Sanctions; EU, US Hint at Future Measures
On 24 February 2023, several international bodies and countries took coordinated actions against Russia. The UK, BIS, and New Zealand expanded their sanctions lists, while the EU and US hinted at potential future measures.
The UK led the day's actions by adding 80 individuals and 12 entities to its Russia sanctions list. These included Russian elites and senior executives of state-owned firms. Additionally, the UK targeted four financial institutions to isolate Russia from the international financial system.
In parallel, the Bureau of Industry and Security (BIS) added 86 entities to the Entity List for supporting Russia's military. BIS also imposed new export controls on Iran due to its supply of unmanned aerial vehicles (UAVs) to Russia. Furthermore, BIS issued a Final Rule expanding sanctions on Russia and Belarus and clarifying export controls.
New Zealand joined the sanctions effort by inserting 87 individuals into its Schedule of sanctioned persons due to Russia's actions. The OverRuled: Russia Trade Controls Resource Center has been updated to reflect these new actions.
While no specific new sanctions were announced on 24 February, the EU is reportedly planning news, and the US has threatened further actions due to Russia's ongoing activities in Ukraine.
These coordinated actions by the UK, BIS, New Zealand, the EU, and the US demonstrate a united front against Russia's actions in Ukraine. The expanded sanctions and export controls aim to limit Russia's ability to wage war and access critical technologies.
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