New sanctions on the Russian Central Bank, Ministry of Finance and two Russian investment funds announced Feb. 28 are the “most significant action” the Treasury Department has ever taken against an economy the size of Russia, said a senior administration official that day. “We're doing exactly what we said we’d do,” the official said during a call with reporters. “We said all options are on the table, including the most severe sanctions ever contemplated against Russia.”
While nearly all the rest of the developed world was placing sanctions on Russia following its invasion of Ukraine, China issued notice it would be lifting restrictions on Russian exports of wheat to China. China's General Administration of Customs announced the move Feb. 23, according to an unofficial translation. The customs administration also laid out a series of monitoring and quarantine requirements for any wheat shipments. The two countries initially agreed to the trade following Russian President Vladimir Putin's visit to Beijing in early February, but it was announced only hours after Russia's invasion of Ukraine, the South China Morning Post reported Feb. 24. Russia is the world's largest exporter of wheat and the move could help alleviate its economic concerns following a large wave of sanctions from many of the globe's largest economies. "China will continue to carry out normal trade cooperation with Russia and Ukraine in the spirit of mutual respect, equality and mutual benefit," a Chinese Foreign Ministry spokesperson said Feb. 24, according to a transcript in English of a regular press conference.
The U.S., EU and the U.K. sanctioned Russian President Vladimir Putin and Foreign Minister Sergei Lavrov in response to Russia's assault on Ukraine. The U.S. will set new sanctions on those two and "members of the Russian National Security Team," White House Press Secretary Jen Psaki said at a press briefing Jan. 25. The decision was reached following a phone call with EU Commissioner Ursula von der Leyen. The U.K.'s Office of Financial Sanctions Implementation imposed asset freezes on the two Russian leaders, in a Feb. 25 notice; the restrictions did not include a travel ban. The U.K. began rolling out its second wave of sanctions Feb. 24, with Prime Minister Boris Johnson promising to designate more than 100 individuals and entities (see 2202240070). High Representative for Foreign Affairs Josep Borrell said at a news conference Feb. 25 that the EU would add Putin and Lavrov to its sanctions regime, adding to the bloc's earlier announcement laying out broad sectoral sanctions and restrictions on a large list of individuals and entities.
The Treasury Department's Office of Foreign Assets Control placed five additional Russian officials, 44 entities and five vessels on sanctions lists. The move follows OFAC's Directive 1A issued Feb. 22.
The Office of Foreign Asset Control on Feb. 28 issued a new directive that blocks certain transactions with the Central Bank of Russia, the Russian National Wealth Fund, and the Russian Ministry of Finance. OFAC also designated the Russian Direct Investment Fund -- which the agency called a "key" sovereign wealth fund -- along with its CEO, Kirill Dmitriev. OFAC also designated RDIF's management company and one of the managing company’s subsidiaries. By blocking these entities, OFAC said it is "terminating yet another route through which Russia has benefitted from access to the U.S. financial system."
Canadian Prime Minister Justin Trudeau on Feb. 24 announced a second set of "severe" sanctions against Russia for its invasion of Ukraine, according to a report from CBC News. Mirroring U.S. sanctions imposed the same day, the sanctions target major Russian financial institutions and members of the country's elite, the report said. The new round of sanctions follows those issued the previous day by Canada, as well as sanctions announced by Australia and Japan on Feb. 23.
The EU and the U.K. announced another round of sanctions following Russia's invasion of Ukraine. Building off a first wave of restrictions imposed on Russia following troop movement into the Donetsk and Luhansk regions, they either added or announced a series of individuals and entities that will be subject to greater restrictions. The EU said it plans to impose grand sectoral sanctions against Russia, while British Prime Minister Boris Johnson said that the U.K. will impose asset freezes on over 100 new entities and individuals.
The U.S. is imposing additional sanctions and new export controls following Russia's "further invasion of Ukraine," as promised by President Biden in his Feb. 22 speech (see 2202220003). The sanctions cover financial restrictions on Russian state-owned enterprises, banks, and individuals, while the export controls set restrictions on a variety of high-tech products. The new measures are part of an "unprecedented level of multilateral cooperation" according to the White House.
The U.S. will set new sanctions against Russian President Vladimir Putin and Foreign Secretary Sergei Lavrov and "members of the Russian National Security Team," said White House Press Secretary Jen Psaki at a press briefing Jan. 25. The decision was reached following a phone call with EU Commissioner Ursula von der Leyen, and the EU announced similar measures the same day. White House Press Secretary Jen Psaki said details would be released later on Feb. 25.
The U.K. amended two entries under its Russia sanctions regime, the Office of Financial Sanctions Implementation said in a Feb. 22 notice. The listings for Bank Rossiya and Black Sea Bank for Development and Reconstruction were revised: the address was updated for the first entry, the Cyrillic name for the second. The two entries were designated as part of the U.K.'s first wave of sanctions on Russia for its movement of troops into Ukraine's Donetsk and Luhansk regions (see 2202220021).