Have you heard that Russian warships have been spotted off the coast of Florida? While this military movement shouldn’t cause anyone to panic, it is a sign of concern considering the extreme global unrest that continues to escalate as a result of the Ukrainian situation.

The White House isn’t backing down, though. In fact, the U.S. Department of the Treasury just announced another round of economic sanctions against Russia. The most recent round of sanctions expands the list of individuals being barred from conducting business with the U.S., citizens of our country, and businesses that are under our government’s authority. This new list includes over 190 individuals and entities. Many are located in Russia, but others are in China, Belarus, the British Virgin Islands, and the UAE. It also went further to expand the definition of Russia’s military-industrial base. This newer definition includes all individuals who are blocking sanctions related to Executive Order 14024 and the Ukraine situation.

One interesting part of this round of sanctions is that it also specifically prohibits anyone from providing certain IT-related services or software to anyone who is living, residing, or visiting Russia. This aspect of the sanctions will become enforceable on September 12, 2024.

These most recent sanctions serve the purpose of further derailing Russia’s economy and preventing the nation from expanding its attacks. The most recent inclusion of IT-related services and software suggests that the US expects Russia to start focusing more on cyberwarfare tactics.

Are You Keeping Up-To-Date With the Latest Sanctions?

If you’re a business owner, then you likely spend a lot of your time dedicated to making your business a success. You probably don’t have a huge amount of time to consistently keep up with current events, world news, and laws and sanctions being passed daily. Unfortunately, not being aware of a current sanction isn’t a valid legal defense if you get caught doing business with a sanctioned country, business, or individual.

What’s more, doing business with one of these sanctioned individuals could mean the literal end of your business entirely. For you personally, it could lead to felony criminal charges that could result in up to 30 years in prison and fines of up to millions of dollars. Your business, as you’d expect, will not only have to cope with serious fines and your absence but also the immediate halting of any business with the sanctioned person or entity.

All that said, it’s well worth it to invest in securing an international lawyer who is well-versed regarding OFAC sanctions and how to ensure your company is compliant. Here at Bukh Global, our team of skilled global partners makes a serious effort to stay as informed as possible about global relations. We work hard to make sure we understand all the most recent sanctions and laws so that we can provide the most reputable legal counsel to our clients.

If you have questions about OFAC sanctions or other global laws and your business, then schedule a call with our team now to get informed and protect your company.