Canada and the U.S. Take Big Steps: No More Help for Russia’s Oil and Gas, and Shell Decides to Leave the Business There.
The U.S. takes aim at financial institutions with the new Russia sanctions authority. (PHOTO: CNBC)
According to Sanction News, on December 22, 2023, the Biden administration made a big move against Russia with a new executive order. This order changes previous ones, focusing on how Russia avoids U.S. sanctions and controls on exports. U.S. Treasury Secretary Janet Yellen says it’s meant to stop foreign banks from helping with big transactions related to Russia’s military industries. The administration warns banks to be careful not to help Russia evade the rules, or they might face strong action.
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In response to this Executive Order, the U.S. The Department of Treasury’s Office of Foreign Assets Control (OFAC) did several things. They issued new rules and licenses, providing OFAC the power to punish foreign banks helping with transactions in Russia’s key industries. The ban on importing certain Russian products is now broader, covering more types of items. There’s also a special permission, called a wind-down license, given to Expobank for certain transactions until March 21, 2024. All these actions were done with other major countries, and they started working right away.
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