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'Business'

Mar 10

New Law Prohibits Dealings with Businesses Associated with Russia and Belarus

Posted to The Town Crier - Legislative Backgrounder on March 10, 2022 at 4:36 PM by Legislative Staff

On Wednesday, Governor Murphy signed into law S-1889, which prohibits government dealings with businesses associated with Belarus and Russia. P.L. 2022, c. 3 took effect immediately on March 9, 2022, and will expire upon the revocation of the federal sanctions contained in President Biden's Executive Order 14024.

The law requires the Department of Treasury to develop a list of persons it determines to be engaged in prohibited activities in Russia and Belarus and update the list on a rolling basis. The Department will be required to notify any person on the list and provide them with an opportunity to prove that they are not engaged in prohibited activity with Russia and Belarus.

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Tag(s): Russia, Oil, Business