IMPLEMENTATION LEVEL

National

AFFECTED FLOW

Outflow

ANNOUNCED AS TEMPORARY

No

NON-TRADE-RELATED RATIONALE

No

ELIGIBLE FIRMS

all

JUMBO

No

TARIFF PEAK

No
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Inception date: 07 Jun 2022 | Removal date: open ended

Export ban

On 8 May 2022, the U.S. Department of Treasury prohibited the export of accounting, trust and corporate formation, and management consulting services to Russia due to its attack on Ukraine. According to the Department of Treasury, Russian companies and Russian elites use these services to build wealth as well as to evade sanctions.

This decision builds upon the Executive Order (EO) 14071 titled “Prohibiting New Investment in and Certain Services to the Russian Federation in Response to Continued Russian Federation Aggression”. Pursuant to the EO 14071, the United States may prohibit the exportation, reexportation, sale, or supply of any category of services as may be determined by the Secretary of the Treasury to Russia (see related state act).

In this context, the Secretary of Treasury Janet L. Yellen said: “Today we are further constricting Russia’s economy and access to services and technology it needs to conduct this unprovoked invasion. Preventing Russia from accessing the United States’ valuable professional services increases the pressure on the Kremlin and cuts off its ability to evade sanctions imposed by the United States and our partners.”

The Decision enter into force on 7 June 2022.

AFFECTED COUNTRIES

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