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Continuing to Hold the Kremlin to Account
March 11, 2022


With our allies and partners, the United States is committed to ensuring the Government of the Russian Federation pays a severe economic and diplomatic price for its invasion of Ukraine. We have continued to do so today with additional actions, which President Biden announced.

Specifically, the Administration will work closely with Congress to deny Russia the benefits of its World Trade Organization membership and ensure that Russian imports do not receive most favored nation treatment in our economy. The President issued an Executive Order (E.O.) to ban further imports and exports related to Russia, consistent with commitments made by the G7 leaders to deny Russia export revenues. Among other things, this E.O. prohibits the importation into the United States of the following products of Russian Federation origin: fish, seafood, and preparations thereof; alcoholic beverages; and non-industrial diamonds. In addition, the E.O. bans the exportation, re-exportation, sale, or supply, directly or indirectly, from the United States, or by a U.S. person, wherever located, of U.S. dollar-denominated banknotes to the Government of the Russian Federation or to any person located in Russia.

The Department of Commerce also has imposed new controls on exports of luxury goods to Russia, including high-end automobiles, alcoholic spirits, tobacco, leather handbags and luggage, silk, home decors, designer clothing, and jewelry. These actions ensure those propagating this war of choice cannot benefit from or enjoy these U.S. products.

Additionally, the Department of State is imposing sanctions on four board members of Novikombank, including its Chairwoman Elena Aleksandrovna Georgieva. The State Department is also imposing sanctions on AO ABR Management and four of its board members. This action involves redesignating Yuri Valentinovich Kovalchuk and Kirill Mikhailovich Kovalchuk, and designating their family members, and two other board members of AO ABR Management – Dmitri Alekseevich Lebedev, who is also the Chairman of the board of sanctioned Bank Rossiya, and Vladimir Nikolaevich Knyaginin, Vice Governor of St. Petersburg.

The Department of the Treasury is redesignating Viktor Vekselberg and blocking his aircraft and yacht. The Treasury Department is also designating ten board members of VTB Bank, 12 members of the Russian Duma who led the effort to recognize the so-called Donetsk and Luhansk People’s Republics, and the wife and adult children of Kremlin Spokesman Dmitry Peskov. These individuals and entities were designated pursuant to Executive Order 14024.

We welcome the strong partnership and unity we have built with our allies and partners across the globe in the face of the Russia’s aggression against Ukraine. Together, we are supporting the people of Ukraine and imposing severe costs and consequences for the Kremlin’s war of choice.

For more information on today’s action, please see:

State Department Fact Sheet

Department of the Treasury Press Release  

Department of Commerce Press Release