The United States, alongside our allies and partners, is committed to curtailing Russia’s use of the international financial system to advance its war in Ukraine.  As a next step in this effort, President Biden today signed an Executive Order to expand the United States’ ability to target financial institutions located outside of Russia that facilitate transactions involving Russia’s military-industrial base.  The new order also gives the United States the authority to ban importation to the United States of certain goods mined, produced, or harvested in Russia, even if substantially transformed in a third country. 

Today’s action underscores the need for financial institutions around the world to ensure they are not facilitating activities that support Russia’s war effort and implement due diligence practices that protect them from being exploited by Russia’s procurement networks.  The United States will hold accountable institutions that fail to implement appropriate measures.