The executive order will ban the imports of certain products mined, extracted, produced, or manufactured wholly or in part in Russia, even if these products are later reprocessed in a third country.
"To curtail Russia’s revenue from other sectors, the E.O. will also make it more difficult for specific Russian goods to enter the United States after being modified in a third country. In the coming months, the United States and our partners intend to introduce import restrictions on certain diamonds mined, processed, or produced in Russia, building on an existing U.S. ban on the importation of Russian-origin diamonds," the statement said.
The Biden administration also plans to ban the imports of certain products harvested in Russian waters or by Russia-flagged vessels. Restrictions will apply even to goods transformed in a third country, according to the statement.
"The Department of the Treasury intends to issue a determination identifying specific types of seafood that will be subject to this prohibition," the statement added.
The new executive order will also provide additional authorities to sanction financial institutions that facilitate significant transactions relating to Russia’s military industrial base.