The new executive order on measures against Russia signed by the U.S. President Joe Biden on March 11 prohibits export, sales and supplies of dollar banknotes from the United States to the Russian Federation.

The order, in particular, prohibits the exportation, reexportation, sale, or supply, directly or indirectly, from the United States, or by a United States person, wherever located, of U.S. dollar-denominated banknotes to the Government of the Russian Federation or any person located in the Russian Federation.

“However, Russia-related General License (GL) 18 authorizes certain transactions that are ordinarily incident and necessary to the transfer of U.S. dollar-denominated banknotes for noncommercial, personal remittances from: 1) the United States or a U.S. person, wherever located, to an individual located in the Russian Federation; or 2)) a U.S. person who is an individual located in the Russian Federation,” the U.S. Department of Treasury notes.

GL 18 reportedly authorizes methods of payment including withdrawals of U.S. dollar-denominated banknotes via automated teller machines and the hand carrying of U.S. dollar-denominated banknotes.

GL 18 does not authorize U.S. financial institutions to process transactions for the provision of U.S. dollar-denominated banknotes to foreign financial institutions for further distribution or supply to the Government of the Russian Federation or any person located in the Russian Federation