U.S. Imposes Embargo on the Donetsk and Luhansk People’s Republics and Announces New Russia Sanctions
International Trade and Investment Alert™ | February 23, 2022
On February 21, 2022, President Biden issued Executive Order 14065 (“the EO”) placing comprehensive sanctions and investment restrictions on the Donetsk People’s Republic (DNR) and Luhansk People’s Republic (LNR) regions of Ukraine. The EO broadly prohibits transactions in or with the DNR and LNR. The Office of Foreign Assets Control (“OFAC”) also imposed additional sanctions targeting Russia’s financial sector, including an expansion of the existing prohibition on dealings in Russian sovereign debt and blocking sanctions on two Russian banks. The Biden Administration described these moves as the first of what will likely be a series of sanctions announced in response to the escalating crisis in Ukraine.
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