Michael Walsh Discusses Recent U.S. Export Controls on Russia

01 April 2022 Bloomberg News

Foley & Lardner LLP Partner Michael Walsh was featured in the article, “Biden’s Russia Trade-Ban Options Include Oil Equipment and Metals,” in Bloomberg discussing the export controls the Biden administration recently placed on Russia as well as the broader implications of imposing a total export embargo.

Currently, the controls in place have excluded some drilling equipment and the mining industry, among others, out of concern that a full ban might hurt U.S. industries as well as the European Union. But as the situation evolves, there is potential for escalation and an expansion of restrictions. In reference to the potential of a total export embargo, Walsh stated that “an embargo gets you into full pariah-nation status.” He continued by saying that “if you can’t get anything, there’s really no way for your society to advance in a meaningful way.”

As the Russia-Ukraine war continues, so too do new business and legal implications for companies around the world. For more information on how to mitigate risk and protect your business, contact a Foley lawyer today.