Strengthening US Financial Sanctions on Russia and Belarus
This new law requires U.S. financial institutions to ensure their foreign branches and controlled entities comply with sanctions against Russia and Belarus to the same extent as the institutions themselves. This aims to tighten the sanctions regime and prevent circumvention, potentially impacting global financial stability and international relations.
Key points
U.S. financial institutions must ensure their foreign branches and controlled entities comply with all financial sanctions on Russia and Belarus.
Sanctions cover transactions, deposits, loans, foreign exchange, securities trading, and other financial services.
Violations will result in penalties as described in applicable sanctions laws.
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