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The world’s response to Russia’s invasion of Ukraine dominated the first quarter of 2022, as the US and its international partners coordinated efforts to impose unprecedented sanctions designed to isolate the Russian Federation from the global economy. The sweeping measures include the freezing of Russia’s foreign held reserves, blocking sanctions on Russia’s largest banks and Russian elites, sectoral sanctions against major issuers, and strict trade restrictions to deprive Russia of key goods and services. Elsewhere, the Department of Justice terminated its controversial “China Initiative” while the SEC identified six Chinese companies for potential de-listing from US exchanges for non-compliance with US audit requirements. Meanwhile, the US imposed sanctions on more conventional targets this quarter, including North Korean and Iranian ballistic missile procurement networks. Finally, OFAC announced settlements with US and non-US companies for prohibited dealings with Cuba and Iran.
