On May 19, 2023, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) and the US Department of Commerce’s Bureau of Industry and Security (“BIS”) implemented further economic sanctions and export controls targeting Russia and Belarus. The OFAC press release and BIS press release both underscore the US Government’s close coordination with international partners and allies to align new restrictions on Russia and Belarus. In addition, the Leaders of the G7 released a statement, which pledged continued financial, humanitarian, and diplomatic support to Ukraine and further sanctions and measures to increase the costs to Russia and those who continue to support the war effort.
Source Baker & McKenzie
Latest Posts in "Russia"
- Russia to Impose Gradual VAT on Foreign Online Marketplace Goods Starting 2027
- VAT Codes for 10% Rate on Food Products Updated Effective July 2026 in Russia
- Russia Proposes 2026 Tax Relief and Flexible Rules to Support SME Transition
- Russian Finance Ministry Explains New VAT Rate Impact on Lease Accounting Under IFRS
- Catering Businesses to Be Exempt from VAT Starting April 1 Under New Tax Law Amendments
