Russia-related sanctions

Country / jurisdiction: United States · Year: 2014 · Status: In force · Level: National · Type: Voluntary

Since 2014, following the Russian annexation of Crimea, the United States (US) enforced a package of economic sanctions and restrictions on energy-related equipment and technology. This first package of measures included, amongst other restrictions, sanctions on two major banks (Gazprombank and VEB) and energy companies (Novatek and Rosneft), as well as a  ban on the provision of critical technologies and equipment required by the Russian oil sector, including those enabling deepwater and Arctic oil exploration and production and shale oil projects in Russia . This first set of measures were extended until Russia's invasion of Ukraine in February 2022.

A second set of sanctions against Russia was announced by the United States, following Russia's invasion of Ukraine at the beginning of February 2022. Among the sanctions and economic restrictions on products related to the energy sector are the following:

Oil and other energy-related import restrictions

Ban on imports of Russian oil, liquefied natural gas, and coal.

Ban on imports of aluminium, copper, and nickel produced by Russia.

Financial and business services measures

Restrictions on new US investment in Russia’s energy sector.

Ban select Russian banks from the Swift financial messaging system and impose restrictive measures on the Central Bank of Russia.

Prohibition from financing or enabling foreign companies invest to produce energy in Russia.

Further sanctions on nearly 300 entities and individuals, including those engaged in the development of Russia's future energy, metals and mining production and export capacity.

Other energy-related restrictions

Imposition of new measures targeting Russia's future energy production, metals and mining sector.

Official source: https://ofac.treasury.gov/sanctions-programs-and-country-information/russia-related-sanctions