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Thompson Hine LLP, a full-service business law firm with approximately 400 lawyers in 8 offices, was ranked number 1 in the category “Most innovative North American law firms: New working models” by The Financial Times and was 1 of 7 firms shortlisted for The American Lawyer’s inaugural Legal Services Innovation Award. The firm has been recognized by the National Law Journal as a Legal Technology Trailblazer and featured by Bloomberg for its innovative service delivery models, which drive accuracy and predictability. The firm’s commitment to innovation is embodied in Thompson Hine SmartPaTHTM – a smarter way to work – predictable, efficient and aligned with client goals. For more information, please visit ThompsonHine.com and ThompsonHine.com/SmartPaTH.

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On June 12, 2024, the Office of Foreign Assets Control (OFAC) and the Bureau of Industry and Security (BIS) announced new <a href="https://home.treasury.gov/news/press-releases/jy2404">sanctions</a> and <a href="https://www.bis.gov/press-release/department-commerce-announces-additional-export-restrictions-counter-russian">export control restrictions</a> on Russia and Belarus. These measures have significant implications for companies that do business with or in these regions, as they may face new licensing requirements, limitations, or prohibitions on their transactions and operations.

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OFAC announced <a href="https://home.treasury.gov/news/press-releases/jy2404">new sanctions</a> to increase pressure on Russia over its war against Ukraine. These measures include the following:

The BIS issued a <a href="https://www.federalregister.gov/documents/2024/06/18/2024-13148/implementation-of-additional-sanctions-against-russia-and-belarus-under-the-export-administration">final rule</a> that imposes additional export control measures against Russia and Belarus under the Export Administration Regulations (EAR) that affect exports, reexports and transfers (in-country) to or within Russia and Belarus. The changes include:

Conclusions and Implications for Companies

These new sanctions and export control restrictions on Russia and Belarus pose significant challenges and risks for companies. Companies should review their existing and potential transactions, contracts and relationships with persons or entities that may be subject to the new measures and ensure that they have the necessary licenses, authorizations or exemptions to comply with the U.S. regulations.

<em>This advisory bulletin may be reproduced, in whole or in part, with the prior permission of Thompson Hine LLP and acknowledgment of its source and copyright. This publication is intended to inform clients about legal matters of current interest. It is not intended as legal advice. Readers should not act upon the information contained in it without professional counsel.</em>

<em>This document may be considered attorney advertising in some jurisdictions.</em>

https://admin.thompsonhine.com/wp-content/uploads/2024/06/OFAC-and-BIS-Significantly-Extend-Sanctions-and-Export-Control-Restrictions-Against-Russia-and-Belarus.pdf

OFAC and BIS Significantly Extend Sanctions and Export Control Restrictions Against Russia and Belarus

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