Over the past week, the United States, its European partners, allies, and other countries have announced severe limits on transactions with Russian persons, companies, and banks, including Russia’s central bank. These actions block their central bank from accessing approximately 80% of its banking assets and reserves held in Western institutions.
These measures have led to a run on Russian banks, shuttered the Russian stock market, caused intermittent outages of its payment systems, and the dramatic fall of the ruble’s value.
The one exception to the sanctions is the general license issued on April 15, 2021, by the Office of Foreign Assets Control. The license doesn’t expire until June 24, 2022. Until then, Russia can continue selling and exporting its energy products, including gas and oil.
Read more from the U.S. Chamber of Commerce update.