Photo: Svetazi via Adobe Stock State Sanctions Targeting Russia Present Complicated Questions for Companies, Regulators
New York and New Jersey now require companies to submit certifications relating to activities in Russia as part of the procurement process. New Jersey also created its own sanctions list comprised of companies that the New Jersey Treasury Department believes are engaged in prohibited activities in Russia and Belarus.
April 04, 2023 at 08:31 AM
7 minute read
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Within a week of Russia's invasion of the Ukraine in late-February 2022, federal and state authorities started to take steps to show solidarity with the Ukrainian people. At the federal level, the Treasury Department and the Commerce Department joined regulators in the European Union, the United Kingdom, and elsewhere by imposing economic sanctions targeting individuals, companies, and sectors of the Russian economy that were viewed as central to the conflict. Shortly thereafter, the Department of Justice established Task Force KleptoCapture, a law enforcement task force dedicated to enforcing Russia-related sanctions, export restrictions, and economic countermeasures.
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