United States and G7 sanctions against Russia, implementation by United States
Commitments to support Ukraine and hold Russia accountable for the conflict in Ukraine
Implementation by United States
The G7 member countries—Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States—plan to implement significant commitments to support Ukraine and hold Russia accountable for the conflict in Ukraine.
According to a White House release, the United States, in coordination with the G7, will implement significant commitments including sanctions on hundreds of individuals and entities, take action on evasion by targeting companies in several countries, and impose tariffs on hundreds of Russian products worth billions of dollars to Russia, among other things:
- Measures targeting the Russian military production and supply chains
- Using tariffs on Russian goods to help Ukraine
- Restrictions on Russia’s participation in the global market and further suppress evasion attempts
- Imposition of costs on those responsible for human rights abuses—including war crimes, profiteering, and illegitimate authorities
- A significant G7 commitment for budgetary support and other support for Ukraine
U.S. sanctions implementation
The U.S. Treasury department today issued a release announcing the implementation of G7 commitments by:
- Prohibiting gold imports and targeting defense industrial base, military and intelligence units, and sanctions evaders
- Cracking down on export control evasion
Read today’s Treasury release
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today issued Russia-related general licenses.
- General License 39 [PDF 103 KB]—Authorizing the wind down of transactions involving State Corporation Rostec
- General License 40 [PDF 203 KB]— Civil aviation safety
- General License 41 [PDF 158 KB]—Authorizing certain transactions related to agricultural equipment
- General License 42 [PDF 164 KB]—Authorizing certain transactions with the Federal Security Service
- General License 43 [PDF 159 KB]—Divestment or transfer of debt or equity of, and wind down of derivative contracts involving, public joint stock company Severstal or Nord Gold PLC
OFAC also published:
- Determination Pursuant to Section 1(a)(i) of Executive Order 14068 [PDF 139 KB]
- One new “frequently asked question” (FAQ)—What does the gold-related determination pursuant to Executive Order (E.O.) 14068 prohibit?
- One amended FAQ—How do the prohibitions of Executive Order (E.O.) 14024 and other Russia-related sanctions impact gold-related transactions or persons participating in the gold market?
For more information on sanctions and other responses to Russia’s war on Ukraine, visit KPMG’s dedicated website.
Contact a professional with KPMG’s Trade & Customs services:
John L. McLoughlin
Luis (Lou) Abad
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