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Following months of delays and intense debate in Congress, President Biden signed H.R. 815 into law on April 24, 2024, which made headlines for funding $95 billion in military aid to Ukraine, Israel, and Taiwan, along with mandating the divestment of social media app TikTok.

As many of you are aware, with some minor exceptions, the United States bifurcates export controls responsibility between the Department of State, which administers the International Traffic in Arms Regulations (the “ITAR”), and the Department of Commerce, which administers the Export Administration Regulations (the “EAR”).

U.S. companies that found their assets caught up in Russia at the start of the Russia/Ukraine conflict may find relief on paper from U.S. courts. But it remains to be seen whether they can recover in practice.

Through Council Regulation (EU) 2022/328 of February 25, 2022, the European Union introduced new sanctions relating to, among other things, Russian aggression in Ukraine.

This presentation provided an overview of U.S. sanctions principles and developments, with a focus on the Biden Administration’s sanctions imposed on Russia as a result of its invasion of Ukraine.

This week, Financier Worldwide Magazine released their 2022 Sanction Compliance and Enforcement RoundTable report in their March issue. David Johnson, who leads V&E’s Government Contracts, and Export Controls and Economic Sanctions practices, contributed as a panelist in the conversation, which highlights the most pressing sanctions-related issues and enforcement activity in international trade in the past year.