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

February 24, 2022

WASHINGTON (Reuters) – The Biden administration announced sweeping export restrictions against Russia on Thursday, hammering its access to global exports of everything from commercial electronics and computers to semiconductors and aircraft parts.

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.

The rules also instruct the Commerce Department to deny almost all of those license requests.

(Reporting by Alexandra Alper, Caitlin Webber, and Karen Freifeld)