Additionally, U.S. persons and U.S. businesses are prohibited from transacting with those designated persons. Financial Crimes OFAC Department of Treasury Sanctions Ukraine Of Interest to Non-US Persons. Found at 31 C.F.R. In addition, OFAC added new FAQs and updated existing FAQs to explain recent sanctions. On March 2, 2022, the US Treasury Departments Office of Foreign Assets Control (OFAC) issued two new Russia-related general licenses, reissued two existing general licenses, and published and updated several frequently asked questions (FAQs) clarifying various aspects of the Russia-related sanctions imposed over the past weeks. For general guidance on export controls and trade sanctions, contact the Export Control Joint Unit (ECJU): email: exportcontrol.help@trade.gov.uk or tradesanctions@trade.gov.uk. As part of this, OFAC amended Directive 4 OFAC issued a number of General Licenses (GLs) in furtherance of the Russia sanctions. April 7, 2022. helpline: +44 UK Sanctions . Read the article via the link here. On June 6, 2022, OFAC issued a series of FAQs clarifying the ban on new investment in Russia, which was imposed through a series of executive orders (EO). SUMMARY: The Department of the Treasury's Office of Foreign Assets Control (OFAC) is changing the heading of the Ukraine Related Sanctions Regulations to the Ukraine-/Russia-Related Sanctions Regulations, and replacing the Ukraine Related Sanctions Regulations that On June 2, 2022, the U.S. Department of the Treasurys Office of Foreign Assets Control (OFAC) issued Russia-related General License (GL) 25B, GL 36, GL 37, and GL 38. (FAQ here) The European Commission updated its 14 22 U.S.C. Q. 13 OFAC, FAQ #980. On September 29, 2017, the US Treasury Departments Office of Foreign Assets Control (OFAC) amended and re-issued Ukraine-/Russia-related sanctions Directives 1 and 2. On March 31, the U.S. Treasury Departments Office of Foreign Assets Control (OFAC) announced several new sanctions in response to Russias invasion of Ukraine. On March 3, 2022, OFAC added a number of individuals and entities to the Specially Designated Nationals (SDN) List. 14068 prohibit? Please also visit our Sanctions Blog for the most recent updates. As previously covered by 8909(a)(2) (2018). Companies contemplating business in the Russian Federation should assess their potential exposure to U.S. primary and/or secondary sanctions (as applicable) as a result of the New FAQs. October 3, 2018 By: SanctionsAlert.com. EO 14066, issued on March 8, 2022 prohibits new investment in Russia's energy sector. March 4, 2022. U.S. imposes full asset freezing sanctions on Alfa-Bank and Sberbank, along with more Russian government officials and their family members, including the daughters of Russian President Vladimir Putin. President Biden unveiled new sanctions targeting influential Russians and Russian President Vladimir Putins yachts on the 99th day of Moscows invasion of Ukraine. For additional information BIS provides the following links: Executive Orders related to Russian sanctions Sanctions Brochures. Additional ukraine-/russia-related sanctions informationFrequently Asked Questions. Sectoral Sanctions Identifications (SSI) List. Important Advisories. Interpretive Guidance. Applying for a Specific OFAC License. Guidance on OFAC Licensing Policy. General Licenses. Legal Framework for the Ukraine-/Russia-related Sanctions. FAQ. On March 2, 2022, the Department of the Treasurys Office of Foreign Assets Control (OFAC) provided clarifying guidance on the implementation of several of its sanctions involving Russia. Q: My business partner has rough diamonds from Alrosa in their safe in a country that does not have sanctions. How does OFAC interpret indirect ownership as it relates to certain complex ownership structures? Interviewee: The Ukraine-related sanctions were issued as a result of the crisis in Crimea. NWFR or the MOFR. With many prominent Russian individuals and entities being sanctioned, you may have noticed an uptick in new entities being impacted by these regulations. It says, [FAQ] 1034. The US Treasurys Office of Foreign Assets Control (OFAC) has announced that it is amending and reissuing, in their entirety, the Ukraine-Related Sanctions Regulations, 31 C.F.R. They may also want to refer to the FAQ section related to the insurance industry on the U.S. Treasury Departments website. On June 27, 2022, President Biden and the other G7 leaders issued a statement on support for Ukraine (G7 Statement), in which they vowed to sustain and intensify their coordinated sanctions measures in response to Russias war of aggression. SUMMARY: The Department of the Treasury's Office of Foreign Assets Control (OFAC) is changing the heading of the Ukraine Related Sanctions Regulations to the Ukraine-/Russia-Related Sanctions Regulations, and replacing the Ukraine Assessing OFAC Name Matches. On April 29, 2022 the US Department of Treasurys Office of Foreign Assets Control (OFAC) announced the publication of a Final Rule that reissued and renamed the Ukraine-/Russia-Related Sanctions Regulations (Reissued Regulations) and updates to related public guidance. Import Ban: The EO prohibits the import of goods from various sectors of Russia's economy into the United States, including fish and seafood (and preparations thereof), alcoholic beverages (including, inter alia, spirits and vodka), and non-industrial diamonds (see FAQ 1027). Ukraine and Russia Sanctions. According to OFAC, the public guidance further cut[s] off avenues for potential sanctions evasion by Russia and October 6, 2017. What is an OFAC sanctioned country? C urrently, sanctioned countries include the Balkans, Belarus, Burma, Cote DIvoire (Ivory Coast), Cuba, Democratic Republic of Congo, Iran, Iraq, Liberia, North Korea, Sudan, Syria, and Zimbabwe. The list of sanctioned countries is updated periodically and is available here. The US Treasurys Office of Foreign Assets Control (OFAC) has announced that it is amending and reissuing, in their entirety, the Ukraine-Related Sanctions Regulations, 31 C.F.R. The Ukraine-related sanctions program was the first of its kind to have sectoral sanctions and it specifically targeted Russias financial and energy sectors. Categories. 10)) enhances the existing restrictions on exports to Russia and the non-government controlled territories of Ukraine. Specially Designated Nationals List (SDN List) Consolidated Sanctions List. Companies contemplating business in the Russian Federation should assess their potential exposure to U.S. primary and/or secondary sanctions (as applicable) as a result of the New FAQs. 8) Regulations 2022 (Amendment No. EU sanctions. OFAC Civil Penalties and Enforcement. OFAC Issues Guidance on U.S. Sanctions on Russia, Allows Energy-Related Transactions In new and updated guidance, OFAC addressed questions concerning U.S. sanctions on Russia. part 589, and renaming the regulations the Ukraine-/Russia-Related Sanctions Regulations. It said, This administrative action replaces the regulations that were published in abbreviated form on Search search. Part 589, the Reissued Regulations took effect on May 2 On 14 June, OFAC issued a new General License 8C authorising transactions related to energy and involving specified Russian financial institutions. Executive Order 13660 , signed on March 6, 2014, authorizes sanctions on individuals and entities responsible for violating the sovereignty and territorial integrity of Ukraine, or for stealing the assets of the Ukrainian people. The Office of Foreign Assets Control (OFAC) is the federal agency that administers economic sanctions programs. These additional controls OFAC amended the following FAQs: 14024 and other Russia-related sanctions on the gold market and gold-related transactions. Earlier, in February OFAC sanctions targeted Russias two largest financial institutions: Sberbank (plus its 25 subsidiaries) and VTB Bank (plus its 20 subsidiaries). This amendment (The Russia (Sanctions) (EU Exit) (Amendment) (No. March 24, 2022: The US Department of the Treasurys Office of Foreign Assets Control (OFAC) issued two amended general licenses and two new general licenses involving its Russia-related sanctions programs. 10) Regulations 2022 (Amendment No. On December 28, 2020, the U.S. Treasury Departments Office of Foreign Assets Control (OFAC) issued five new frequently asked questions (FAQs) that clarify the scope of Executive Order (E.O.) 13959, the basis for OFACs new Chinese Military Companies sanctions program.These FAQs define key terms and clarify how OFAC will interpret E.O. https://home.treasury.gov/policy-issues/financial-sanctions/faqs/updated/2022-06-14. The EU has also published updated Guidance (FAQs) on its Russia sanctions regime, covering a.o. OFAC and EU update FAQs related to Russia sanctions. Search Recent Actions On September 13, 2018, Epsilon Electronics Inc, a car audio and video equipment manufacturer, agreed to pay the U.S. Treasurys Office of Foreign Assets Control (OFAC) $1,500,000 to settle a case related to alleged violations of the Additional Sanctions Lists. ACTION: Final rule. On June 2, 2022, the U.S. Department of the Treasurys Office of Foreign Assets Control (OFAC) issued Russia-related General License (GL) 25B, GL 36, GL 37, and GL 38. [] In an FAQ published 11 May, the US Treasury Departments Office of Foreign Assets Control (OFAC) set out to give some clarity to the meaning of an 8 May prohibition of services to Russian entities. This amendment (The Russia (Sanctions) (EU Exit) (Amendment) (No. Financial Sanctions. 1070. New Investment Ban FAQs. OFACs 50 Percent Rule states that the property and interests in property of entities directly or indirectly owned 50 percent or more in the aggregate by one or more blocked persons are considered blocked. See OFAC FAQ 1019. The U.S. Starting an 15 Section 228 of CAATSA generally refers to a separate program targeting Russia, the Ukraine-/Russia-related Sanctions Program, but does not define sanctions imposed by the United States with respect to Russia to exclude other sanctions programs targeting Russia. Each of the Russia-related prohibitions and new FAQs are summarized below. In addition to the above SDN designations, OFAC issued a new Frequently Asked Question (FAQ #1,029) to address efforts by the Central Bank of the Russian Federation (the Central Bank) to deploy international reserves, including gold, to support Russias economy. 14068 prohibit? April 22nd, 2022 | Maya Lester QC. On June 1, 2022, the Office of Foreign Assets Control of the US Department of the Treasury ("OFAC") issued three new FAQs regarding OFAC's Chinese Military-Industrial Complex Companies ("CMICs") Sanctions program.The new FAQs were issued to coincide with the deadline by which US persons were authorized to divest from the securities of designated CMIC entities ("CMIC Russia Sanctions Update - April 7, 2022. Frequently Asked Questions. In addition, full blocking sanctions have been placed on major banksOtkritie, Novikom, Ozon, Sovcom, Alfa, Russian Agricultural, Gazprom and Credit Bank of Moscow. Contact OFAC Finally, OFAC imposed an import ban on Russian-origin gold, effective immediately. For general guidance on export controls and trade sanctions, contact the Export Control Joint Unit (ECJU): email: exportcontrol.help@trade.gov.uk or tradesanctions@trade.gov.uk. JVC still recommends that the safest course of action is not to purchase anything of Russian origin, even if it is cut and polished elsewhere. On May 11, 2022, the U.S. Department of the Treasurys Office of Foreign Assets Control (OFAC) updated three FAQs (FAQ 1034, FAQ 1035, and FAQ 1038). Since the Latham Client Alert published on12 April 2022 , the following instruments have amended the Russia (Sanctions) (EU Exit) Regulations 2019 (the UK Russia Regulations): The Russia (Sanctions) (EU Exit) (Amendment) (No. An update covering export controls and sanctions targeting Russias defense and oil and gas industries is forthcoming. OFAC clarifies the scope of sanctions targeting Russias banking sector, as the EU excludes seven of Russias largest banks from SWIFT. BIS advises exporters, reexporters, transferors, and those providing certain services in Russia to review the OFAC requirements in this area. Ukraine-/Russia-related Sanctions. Take Switzerland, a non-EU member, as an example. On October 31, 2017, the Office of Foreign Assets Control (OFAC) took a number of actions to implement the Countering Russian Influence in Europe and Eurasia Act (CRIEEA) (also known as the Countering Americas Adversaries Through Sanctions Act (CAATSA), a larger sanctions statute of which CRIEEA was a part).
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