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Biden hits Russia with tough export curbs, slashing its access to global tech -Breaking

by Mike Robinson

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© Reuters. U.S. Vice President Joe Biden speaks out on Russia’s attack in Ukraine at the East Room, White House, Washington, U.S.A. on February 24, 2022. REUTERS/Leah Millis

WASHINGTON, (Reuters) – The Biden administration announced Thursday that it would impose severe export restrictions on Russia to restrict its ability to export to the world everything from electronic and computer products to aircraft parts and semiconductors.

The controls, announced by the Commerce Department and previously reported by Reuters https://www.reuters.com/markets/europe/exclusive-punishing-putin-how-biden-could-cut-russia-off-world-tech-2022-02-22, rely on a dramatic expansion of the so-called Foreign Direct Product rule, forcing companies making high and low tech items overseas with U.S. tools to seek a license from the United States before shipping to Russia.

These rules direct the Commerce Department not to grant almost any license request.

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