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Thompson Hine LLP, a full-service business law firm with approximately 400 lawyers in 11 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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<h2 class="wp-block-heading">Key Notes:</h2>
<ul class="wp-block-list">
<li>New sanctions and export controls on Russia and Belarus became effective June 12, 2024.</li>
<li>New OFAC prohibition on certain IT and software services to Russia begins September 12, 2024.</li>
<li>Hundreds of individuals and entities designated as SDNs for supporting Russia&rsquo;s war efforts.</li>
<li>New license requirements for certain software exports to Russia and Belarus become effective September 16, 2024.</li>
<li>BIS narrows License Exception Consumer Communications Devices (CCD) for Russia and Belarus.</li>
<li>BIS adds high-risk addresses and more entities to Entity List, enhancing screening and export control evasion prevention.</li>
<li>Over 500 HTS codes added to license requirement lists for Russia and Belarus.</li>
</ul>
<p>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" target="_blank" rel="noreferrer noopener">sanctions</a>&nbsp;and <a href="https://www.bis.gov/press-release/department-commerce-announces-additional-export-restrictions-counter-russian" target="_blank" rel="noreferrer noopener">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. </p>
<p><strong>View the entire client update in <a href="https://www.thompsonhine.com/insights/ofac-and-bis-significantly-extend-sanctions-and-export-control-restrictions-against-russia-and-belarus/" target="_blank" rel="noreferrer noopener">HTML</a> or <a href="https://admin.thompsonhine.com/wp-content/uploads/2024/06/OFAC-and-BIS-Significantly-Extend-Sanctions-and-Export-Control-Restrictions-Against-Russia-and-Belarus.pdf" target="_blank" rel="noreferrer noopener">PDF</a> format.</strong></p>

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SmarTrade

Partner

Francesca M.S. Guerrero

Samir D. Varma

Associate

Aaron C. Mandelbaum

Managing Associate

Kristina Shcheglazova

Senior Legislative and Regulatory Policy Advisor

Scott E. Diamond

International Trade

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