Biden Administration Announces New Sanctions Against Russia

Executive Order Targets Financial Institutions

Overview of Executive Order 14114

On December 22, 2023, President Biden signed Executive Order 14114, expanding the scope of sanctions against Russia. The order targets foreign financial institutions (FFIs) that facilitate transactions with Russia, effectively broadening the reach of the U.S. Treasury Department's Office of Foreign Assets Control (OFAC).

Amendments to Executive Order 14068

Executive Order 14114 also amends Executive Order 14068, which was originally issued in April 2022. The amendment strikes subsection a(i) of section 1 and inserts new language that clarifies the authority of OFAC to target FFIs involved in Russia-related transactions.

Conclusion

President Biden's latest Executive Order sends a clear message that the United States remains committed to holding Russia accountable for its aggression. By expanding the scope of sanctions to target foreign financial institutions, the administration is further isolating Russia from the global financial system and limiting its ability to finance its military operations. These measures are a significant step in the ongoing efforts to support Ukraine and promote peace and stability in the region.