Executive Order 14068: Prohibiting Certain Imports, Exports, and New Investment With Respect to Continued Russian Federation Aggression

What does Executive Order 14068 do?

Biden added trade and investment restrictions to the Russia sanctions response after the invasion of Ukraine. EO 14068 initially banned US imports of Russian-origin fish and seafood, alcoholic beverages and nonindustrial diamonds, while allowing Treasury to identify additional Russian-origin products. The restriction was product-based: a prohibited item could not become lawful solely because the importer bought it from an intermediary instead of directly from Russia. Signed text.

It also barred exports, reexports, sales or supplies of luxury goods and other Commerce-designated items to people located in Russia, whether from the United States or by a US person abroad. Separate provisions prohibited supplying US-dollar banknotes to the Russian government or people in Russia and authorized Treasury to prohibit new investment in selected economic sectors. US persons were forbidden to facilitate foreign transactions that would be prohibited if undertaken by US persons themselves. Signed text.

The agency split is important. Treasury administered financial and import restrictions while Commerce selected and administered the luxury-goods/export-control categories. Their rules and licenses determine specific coverage. The order did not itself prohibit all exports to Russia or all Russian imports, and an authorization under one program does not necessarily resolve another applicable export or blocking restriction. Signed text.