United States, EU and G7 countries announce further economic sanctions against Russia

Each country will implement actions consistent with their national processes.

United States, EU and G7 countries

The G7 member countries—Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States—along with the European Union announced new economic actions to further isolate Russia from the global financial system.

According to a White House release, each country will implement actions consistent with their national processes.

According to today’s announcement, the sanctions will include:

  • Revoking Russia’s “most-favored nation” status
  • Denying borrowing privileges at multilateral financial institutions (such as the International Monetary fund and the World Bank)
  • Sanctions on additional Russian “elites” and their family members
  • Banning exports of luxury goods to Russia—the Bureau of Industry and Security (BIS) of the U.S. Commerce Department released a final rule [PDF 331 KB] for publication in the Federal Register
  • Banning U.S. import of goods from several “signature sectors” (e.g., seafood, vodka, diamonds) of Russia’s economy—read the executive order [PDF 1.23 MB]
  • New guidance by the U.S. Department of Treasury to thwart sanctions evasion, including through the use of virtual currency
  • Creating an authority to ban new investment in any sector of the Russian economy

Read a related EC release

In a related action, the Department of the Treasury's Office of Foreign Assets Control (OFAC) today issued Russia-related:

In addition, OFAC updated its list of specially designated nationals. Read the OFAC release


For more information, contact:

Doug Zuvich
Partner and Global Practice Leader
T: 312-665-1022
E: dzuvich@kpmg.com

John L. McLoughlin
Principal and East Coast Leader
T: 267-256-2614
E: jlmcloughlin@kpmg.com

Andy Siciliano
Partner and National Practice Leader
T: 631-425-6057
E: asiciliano@kpmg.com

Steve Brotherton
Principal and Global Export and Sanctions Leader
T: 415-963-7861
E: sbrotherton@kpmg.com

Luis (Lou) Abad
Principal, Washington National Tax
T: 212-954-3094
E: labad@kpmg.com

Irina Vaysfeld
T: 212-872-2973
E: ivaysfeld@kpmg.com

Amie Ahanchian
T: 202-533-3247
E: aahanchian@kpmg.com

Christopher Young
T: 312-665-3229
E: christopheryoung@kpmg.com

Gisele Belotto
T: 305-913-2779
E: gbelotto@kpmg.com

George Zaharatos
T: 404-222-3292
E: gzaharatos@kpmg.com

Andy Doornaert
Managing Director
T: 313-230-3080
E: adoornaert@kpmg.com

Jessica Libby
T: 612-305-5533
E: jlibby@kpmg.com

The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.