Executive Order 14071: Prohibiting New Investment in and Certain Services to the Russian Federation in Response to Continued Russian Federation Aggression
President: Joseph R. Biden Jr.
Prohibited new US investment in Russia and authorized Treasury to bar categories of services supplied from the United States to persons in Russia.
Status: In effect.
Is Executive Order 14071 still in effect? Yes. Executive Order 14071 remains in effect within the Russia sanctions program. The March 24, 2026 notice continued the underlying emergency; OFAC determinations and licenses govern which services and transactions are currently restricted.
What does Executive Order 14071 do?
Biden prohibited new investment in Russia by US persons wherever located, extending the earlier energy-sector restriction to the economy generally. The order also authorized Treasury, in consultation with State, to identify categories of services that US persons or suppliers in the United States could not provide to people located in Russia. It therefore combined an immediate new-investment prohibition with a framework for later service-specific determinations. Signed text.
The signed order did not list every prohibited service or immediately ban every service a US company might sell. The service ban depends on Treasury’s determinations, their effective dates and any exceptions or licenses. Accounting, trust and corporate-formation services and management consulting were among the first categories identified. Other determinations subsequently added quantum computing and further categories. A service provider must examine the actual definition and recipient, not infer coverage from a general description of sanctions. Signed text.
US approval, financing, facilitation or guarantees for a foreign transaction are also prohibited where the transaction would be prohibited if undertaken by a US person. Evasion and conspiracies are separately barred. The order affects investors and service suppliers, including US persons operating overseas, but does not automatically require sale of every preexisting Russian asset or make every ordinary maintenance transaction a new investment. Signed text.
Before and after
Before the order
EO 14066 had prohibited new investment in Russia’s energy sector, while EO 14068 permitted restrictions for additional identified sectors. EO 14071 changed the default by prohibiting new investment across Russia rather than waiting for a sector designation. It supplied a separate services mechanism, so blocking a bank and prohibiting a category of consulting were legally different measures even when both arose from the Russia emergency. Signed text.
After the order
Treasury issued its first accounting, trust/corporate formation and management-consulting determination on May 8, 2022; those service restrictions became effective June 7. The September 15, 2022 quantum-computing determination took effect October 15. The program continued under the March 24, 2026 emergency notice. OFAC’s category table and current licenses are therefore more useful for a live transaction than treating the original signing date as the only relevant event. Official follow-up record 1. Official follow-up record 2. Official follow-up record 3. Official follow-up record 4.
Who had to do what
| Agency / office | Action | Timing / position |
|---|---|---|
| Treasury Secretary / OFAC | Identify prohibited service categories in consultation with State; administer the investment and services prohibitions through regulations, determinations and licenses; may redelegate within Treasury. | Investment prohibition from issuance; each service determination specifies its own commencement. |
| Secretary of State | Consult on service-category determinations and implementing exercise of IEEPA powers. | During determinations and administration; no separate fixed deadline. |
| All executive departments and agencies | Take appropriate measures within existing authority to implement the order. | Ongoing while the framework remains effective. |
What happened next
Biden signed the broad new-investment and services framework. Official source
Treasury identified accounting, trust/corporate-formation and management-consulting services. Official source
The first identified service categories became prohibited. Official source
Treasury determined that quantum-computing services would be restricted from October 15. Official source
The Russia emergency was continued beyond April 15, 2026. Official source
Legal and source detail
How it works legally
IEEPA and the National Emergencies Act support the economic emergency powers, with delegation under 3 USC 301. Statutory and licensed exceptions limit the prohibitions notwithstanding preexisting contracts. The official-business exception protects authorized federal and UN transactions, not private activity merely useful to a government. US-person coverage includes citizenship, residence and organization tests as well as physical presence. Whether a transaction is maintenance or new investment depends on OFAC guidance, and separate blocking or export-control restrictions can still apply even when EO 14071 allows it. Signed text.
Sources by type
If a source is unavailable, first check the cited publisher or another official repository. The cited publisher remains the authority.
Primary and official sources
Orders, laws, court records and official implementation material.
How we checked this
Last checked against the sources above on September 9, 2026. How we research →