Tuesday, May 10, 2022

Latest on US' Russia Sanctions Which Ban US Accounting Services

In its latest sanctions against Russia, President Joe Biden's administration banned U.S. providers of accounting and consulting services from working with any entity in that country while also penalizing executives of state-controlled Gazprombank and Sberbank.

The same day, the Group of Seven economic powers, including the U.S., committed to prohibiting or phasing out imports of Russian oil as part of Western efforts to punish President Vladimir Putin's government for invading Ukraine in February.

According to a White House statement, the new U.S. penalties also include export controls on industrial goods, limits on three Russian state-controlled TV stations, and additional visa restrictions on Russians.

"Putin has failed in his initial military objective to dominate Ukraine, but he has succeeded in making Russia a global pariah," the statement said. "Today, the United States, the European Union and G-7 committed to ratchet up these costs by collectively taking further measures, consistent with each partner's respective legal authorities and processes."

U.S. Entities Are Now Banned From Providing Accounting, Corporate Formation, or Management Consulting Services To Any Russian Person. 

The White House Statement Said, Explaining That Such Services Could "Help Finance Putin's War And Aid Sanctions Evasion." 

The Statement Didn't Mention Legal Services.

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