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:

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:

Doug Zuvich
Partner and Global Practice Leader
E: dzuvich@kpmg.com

John L. McLoughlin
Principal and East Coast Leader
E: jlmcloughlin@kpmg.com

Andy Siciliano
Partner and National Practice Leader
E: asiciliano@kpmg.com

Steve Brotherton
Principal and Global Export and Sanctions Leader
E: sbrotherton@kpmg.com

Luis (Lou) Abad
Principal, Washington National Tax
E: labad@kpmg.com

Irina Vaysfeld
E: ivaysfeld@kpmg.com

Amie Ahanchian
E: aahanchian@kpmg.com

Christopher Young
E: christopheryoung@kpmg.com

Gisele Belotto
E: gbelotto@kpmg.com

George Zaharatos
E: gzaharatos@kpmg.com

Andy Doornaert
Managing Director
E: adoornaert@kpmg.com

Jessica Libby
E: jlibby@kpmg.com

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