Sage-Tips

What are Russian sanctions?

U.S. businesses should be aware that the United States imposes sanctions on Russian persons (individuals, entities, and vessels) in response to conduct including Russia’s illegal annexation of Crimea, invasion of eastern Ukraine, election interference, malicious cyber activities, human rights abuses, uses of chemical …

Are there still sanctions on Russia?

In December 2019, the EU announced the extension of sanctions until 31 July 2020. In December 2020, the EU again extended the sanctions until 31 July 2021. Following the latest sanctions imposed in August 2018, economic losses incurred by Russia amount to some 0.5–1.5\% of foregone GDP growth.

Does Russia have any trade barriers?

U.S. companies face a number of tariff and non-tariff trade barriers when exporting to Russia. Manufacturers of telecommunications equipment, oil and gas equipment, and construction materials and equipment, in particular, have reported serious difficulties in obtaining product approvals within Russia.

Can US export to Russia?

Russia has maintained a ban on the importation of nearly all U.S. as well as most European food products since August 2014 in response to Ukraine-related sanctions. Aside from Russian Government-imposed restrictions, a number of other exports to Russia are prohibited by U.S. laws or regulations.

Does Russia import and export?

According to the latest WTO data, Russia exported USD 419.8 billion worth of goods in 2019, and imported USD 254.6 billion worth, posting a surplus of USD 164.3 billion. The country exported 61.7 billion USD of services and imported 97.5 billion USD.

Does Russia export or import more?

U.S. goods and services trade with Russia totaled an estimated $34.9 billion in 2019. Exports were $10.9 billion; imports were $24.0 billion.

Why is the United States sanctioning Russia?

The United States also sanctions Russian individuals and companies for not complying with North Korea sanctions, for meddling in U.S. elections, and for hacking U.S. entities. These sanctions impose costs to deter future aggressive actions and uphold international standards.

Can sanctions change Russian behavior?

With a new bill that expands sanctions on Russia circulating within Congress, it is clear that the United States will continue to rely on sanctions as a primary tool for confronting Russia. It is less clear, however, what the many sanctions imposed since 2012 have done to change Russian behavior.

What are the Russian specific financial sanctions targets?

The Russian specific financial sanctions targets are listed in the UK’s Consolidated List of Financial Sanctions Targets. Supplies and dealings with entities more than 50\% owned or controlled by financial sanctions targets are also prohibited.

What are eueu Russian sanctions and how do they apply?

EU Russian sanctions apply to all EU businesses and nationals both inside and outside of the EU and to any overseas businesses and individuals when in or doing business in the EU.