Exactly one year since the invasion of Ukraine, on February 24th 2023, the White House, in coordination with other G7 leaders (Canada, France, Germany, Italy, Japan, and the United Kingdom), announced the newest round of sanctionsagainst key revenue generating sectors for Russia. In efforts to further degrade Russia’s economy and diminish its ability to wage war against Ukraine, the action newly targets over 200 individuals and entities including Russian firms, banks, manufacturers, and officials that helped Russia evade earlier sanctions throughout the war. Including members of the European Union, more than 30 countries representing more than half the world’s economy have already imposed unprecedented sanctions on the Russian economy, making it the most sanctioned nation in the world.
This year the Food and Drug Administration (FDA) has come under fire for its slow response to the nationwide baby formula shortage. In September 2022, FDA Commissioner Robert M. Califf authorized the release of an internal report. The report details how the baby formula shortage occurred, the FDA’s response to the shortage, and the challenges it faced in resolving the shortage. The report also revealed the changes in FDA regulatory procedure to ensure another shortage does not occur.
On June 6, 2022, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) released new and revised guidelines regarding the Russian investment ban established by Executive Orders 14071, 14066, and 14068. As a result of the executive orders, sanctions can be imposed on individuals or entities determined to have operated in the accounting, trust and corporate formation services, or management consulting sectors of the Russian Federation economy. OFAC has consistently been updating and revising the guidelines to keep the guidelines as clear and consistent as possible, in an attempt to keep Americans doing business in Russia out of legal trouble.
The impact of Russia’s unprovoked attack on Ukraine on February 24, 2022 has not only caused a horrific human rights crisis but has also had a dramatic effect on how the world conducts business, felt well beyond the borders of Russia and Ukraine. Warnings of an imminent Russian cyberattack on critical United States infrastructure has small and large businesses alike brushing up their cybersecurity policies to ensure they are compliant with current best practices in the likely event of a Russian cyberattack and impending federal legislation.
Russia has recently been assembling their troops along their shared border with Ukraine in what is seemingly amounting to a planned invasion of the country. While Ukraine is warning that Russia is attempting to destabilize and invade the country, Russia denies any potential plans to attack and insists that NATO support for Ukraine is a threat on Russia’s border. As the world watches in suspense, the United States and other NATO members are at a crossroads as to whether Ukraine may join the pact.