ANNOUNCED AS TEMPORARYNo
Export licensing requirement
On 9 May 2022, the U.S. Department of Commerce, Bureau of Industry and Security (“BIS”) issued a final rule imposing export control measures against Russia in response to their invasion of Ukraine. The export measures primarily target Russia’s industrial sector, including a broad range of inputs and products including wood products, industrial engines, boilers, motors, fans, and ventilation equipment, bulldozers, and many other items with industrial and commercial applications. Export control measures will be implemented in the form of an export licensing requirement. Applications for an export license will be reviewed under a “policy of denial”.
According to the department of Commerce, these new controls will further limit Russia’s access to items and revenue that could support its military capabilities.
Export control measures will enter into force on 11 May 2022.
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