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"
- Simultaneous Use of Standard and Simplified VAT Rates Is Not Allowed in Russia
- VAT Declaration Updated for Foreign Sellers of E-Services and Goods via Online Marketplaces
- Russia Updates VAT Tax Return Form and Filing Rules Effective March 2026
- Russia to Raise VAT Rate to 22% in 2026: Key Changes for Businesses and Taxpayers
- Russia’s 22% VAT Implementation: Key Compliance Steps and Adjustments for Businesses in 2026
