The Office of Foreign Assets Control (OFAC) of the US Treasury Department presented further sanctions on 2 June 2022, which are intended to hit important networks in the environment of Russian President Putin. The measures are intended to prevent the Russian elite from hiding and moving money and continuing to make use of luxury goods such as yachts.
In addition, the Bureau of Industry and Security (BIS) has tightened export controls for Russia. On 2 June 2022, BIS published a "final rule" that revises, corrects and clarifies certain provisions of the Export Administration Regulations (EAR). The updates relate to the comprehensive export controls imposed on Russia and Belarus.
Updates include revising controls for Russian and Belarusian military end-uses and military end-users by expanding licensing requirements to include food and medicines designated as EAR99. Licence applications for such items will be subject to a case-by-case review. There are also corresponding changes to Russian and Belarusian military end-users on the Entity List as a result of the new licensing requirements for EAR99 food and medicines.
You can find more information in the corresponding final rule.
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U.S. Treasury Severs More Networks Providing Support for Putin and Russia’s Elites
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