April 22nd, 2022 | Maya Lester QC. April 7, 2022. 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. OFAC also amended FAQ 1029 to further clarify the impact of the prohibitions of E.O. OFAC amended the following FAQs: The Ukraine-related sanctions program was the first of its kind to have sectoral sanctions and it specifically targeted Russias financial and energy sectors. ACTION: Final rule. Key Takeaways: New Executive Order prohibits all new investment by U.S. persons in Russia. Expands Sanctions Against Russia to Include the Accounting, Trust and Corporate Formation Services, and Management Consulting Sectors of the Russian Economy and Expands Export Controls to Russian Industrial and Commercial Sectors On Sunday, May 8, 2022, the Secretary of the Treasury issued two determinations pursuant to the authority granted by the U.S. why exactly, Senator Ernst, do you believe it is so vital to send more lethal aid to Ukraine into and to quote, Go ahead and impose more sanctions on Russia?' He said well never know the answer because no one in the media would ever ask her. These additional controls 14068 prohibit? 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. Frequently Asked Questions. May 13, 2022 OFAC Amends Russia-related Sanctions FAQs OFAC amended Russia-related sanctions FAQs to (i) further clarify the types of transactions that U.S. persons are authorized to engage in with certain Russian telecommunications companies and (ii) update definitions. 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 June 9, 2022, the US Department of the Treasurys Office of Foreign Assets Control published new Frequently Asked Questions (FAQs 1058 1068) related to Russian Harmful Foreign Activities Sanctions in order to address and clarify Executive Order 14071 and the May 8, 2022 determination (the determination) that prohibits certain services involving 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 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 FAQs 1011: OFAC encourages individuals to communicate with their financial institution regarding sending payments involving the Russian Federation and permitted activities to avoid misunderstandings and potential erroneous sequestration of funds. OFAC clarifies the scope of sanctions targeting Russias banking sector, as the EU excludes seven of Russias largest banks from SWIFT. The determination of June 28, 2022 issued pursuant to section 1 (a) (i) of E.O. During the week of April 4, 2022, the White House and the U.S. Treasury's Office of Foreign Assets Control ("OFAC") announced sweeping new sanctions on Russia including: a prohibition on new investment in Russia; blocking sanctions on two of Russia's largest banks; sanctions against two major Russian state-owned enterprises; An update covering export controls and sanctions targeting Russias defense and oil and gas industries is forthcoming. OFAC Recent Actions. OFACs previous guidance in FAQ 1019 has effectively been revoked and replaced with a substantially broader definition of new investment.. Additional Sanctions Lists. Each of the Russia-related prohibitions and new FAQs are summarized below. 14068 prohibit? (FAQ here) The European Commission updated its OFAC Frequently Asked Questions Russian Harmful Foreign Activities Sanctions Directives Directive 1 - Under Executive Order Of April 15, 2021 Blocking Property With Respect To Specified Harmful Foreign Activities Of The Government Of The Russian Federation (Superseded by Directive 1A) What does the gold-related determination pursuant to Executive Order (E.O.) 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. Sanctions Programs and Country Information. 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. It says, [FAQ] 1034. 10)) enhances the existing restrictions on exports to Russia and the non-government controlled territories of Ukraine. The sanctions designate specific persons, and any property subject to U.S. jurisdiction belonging to those designated persons is blocked. 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.

Q. NWFR or the MOFR. OFAC FAQs On One Page - for simple in-page searching using your browser's find (CTRL-F) function. Assessing OFAC Name Matches. Part 589, the Reissued Regulations took effect on May 2 10)) enhances the existing restrictions on exports to Russia and the non-government controlled territories of Ukraine. OFAC also issued a set of updated FAQs Interviewee: The Ukraine-related sanctions were issued as a result of the crisis in Crimea. On 20 April 2022 OFAC has published one new frequently asked question which relates to obligations of operators of credit card systems with regards to payment cards issued by sanctioned Russian financial institutions.

964 and a new FAQ No. The EU imposes sanctions as part of its Common Foreign and Security Policy with unanimous consent from member states in the Council of the EU required if proposed sanctions are to pass into EU law. Frequently Asked Questions. Search Recent Actions The U.S. The Swiss response to Russian aggression has led to the roll out of comprehensive sanctions, including on Russian oligarchs and the Russian central bank, as well as the banning of any exports that could contribute to Russias military and technological enhancement.. On May 2 and 5, 2022, the US Department of the Treasurys Office of Foreign Assets Control (OFAC) issued three new and two amended Russia-related General Licenses (GLs). The EU has also published updated Guidance (FAQs) on its Russia sanctions regime, covering a.o. As part of this, OFAC amended Directive 4 October 6, 2017. Categories. OFACs previous guidance in FAQ 1019 has effectively been revoked and replaced with a substantially broader definition of new investment.. Any questions regarding the OFAC Russian sanctions program should be directed to OFAC. 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). 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. Any entity owned 50% or more by Russian sanctioned actors are subject to OFACs 50% rule, as well. Introduction to these FAQs. For additional information BIS provides the following links: Executive Orders related to Russian sanctions Contact OFAC 10) Regulations 2022 (Amendment No. EO 14066, issued on March 8, 2022 prohibits new investment in Russia's energy sector. OFAC also confirmed that a US person does not engage in a prohibited new investment in Russia by lending funds to, or purchasing an equity interest in, entities located outside of Russia assuming the investment is not closely linked to Russia, as described in more detail below.

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. Ukraine and Russia Sanctions. EU sanctions. On June 6, 2022, the Office of Foreign Assets Control (" OFAC ") of the U.S. Department of the Treasury issued seven new FAQs (the " New FAQs ") that, among other things, substantially revise OFAC's prior definition of "new investment" under Executive Orders (" E.O.s ") 14066, 14068, and 14071 (collectively, the " Investment E.O.s ") under the U.S. Russia sanctions On February 24, 2022, the Department of Treasurys Office of Foreign Assets Control (OFAC) again expanded sanctions against Russia in response to its invasion of Ukraine by designating numerous Russian and Belarusian financial institutions to the Specially Designated Nationals and Blocked Persons (SDN) List, and Russian financial institutions to the Non-SDN Menu-Based Sanctions In addition, OFAC added new FAQs and updated existing FAQs to explain recent sanctions. 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. 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. OFAC issued a number of General Licenses (GLs) in furtherance of the Russia sanctions. In addition, full blocking sanctions have been placed on major banksOtkritie, Novikom, Ozon, Sovcom, Alfa, Russian Agricultural, Gazprom and Credit Bank of Moscow. Earlier, in February OFAC sanctions targeted Russias two largest financial institutions: Sberbank (plus its 25 subsidiaries) and VTB Bank (plus its 20 subsidiaries). Frequently Asked Questions. These designations coincide with President Bidens diplomatic meetings in Europe and form part of a further set of Russia sanctions actions coordinated between the United States and its allies. 8) Venezuela Sanctions. 8) Regulations 2022 (Amendment No. 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.

Read the article via the link here. Below are answers to selected questions from attendees during a recent ICA webinar on Russia sanctions intended On June 6, 2022, the US Department of the Treasurys Office of Foreign Assets Control ( OFAC ) published new and amended Frequently Asked Questions ( FAQs ) regarding the Russian investment ban imposed under Executive Orders 14066, 14068, and 14071 (collectively, the Investment Ban EOs ). This amendment (The Russia (Sanctions) (EU Exit) (Amendment) (No. If you have any questions regarding OFACs economic sanctions on Russia, please do not hesitate to contact the attorneys at Torres Trade Law, PLLC. Russian-origin gold includes gold produced, manufactured, extracted, or processed in Russia but not gold that has been incorporated or substantially transformed into a foreign-made product. 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 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). New Investment Ban FAQs. In addition, on March 3, Background on OFAC's Frequently Asked Questions. 9 These included President Putin's spokesperson, Dmitriy Sergeevich Peskov; Russian tycoon and Kremlin 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. 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. This amendment (The Russia (Sanctions) (EU Exit) (Amendment) (No. 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. Client Update. 8909(a)(2) (2018). 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). How does OFAC interpret indirect ownership as it relates to certain complex ownership structures? 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 Found at 31 C.F.R.

UNITED NATIONS (AP) The United States and its allies clashed with Russia and China in the U.N. Security Council on Monday over the usefulness and impact of U.N. sanctions, which are currently imposed on countries from North Korea to Yemen and Congo as 14 22 U.S.C. These additional controls ACTION: Final rule. Take Switzerland, a non-EU member, as an example. 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.

On 14 June, OFAC issued a new General License 8C authorising transactions related to energy and involving specified Russian financial institutions. On April 6, 2018, the U.S. Treasury Departments Office of Foreign Assets Control (OFAC) added 38 new designees to its list of Specially Designated Nationals and Blocked Persons (SDN List) related to Russia pursuant to Presidential Executive Orders (EOs) 13661 and 13662. Specially Designated Nationals List (SDN List) Consolidated Sanctions List. OFAC also issued one new Frequently Asked Question (FAQ) and amended another. 9-minute read. 1070. Questions regarding after Russias invasion of Ukraine, the region of Crimea was listed - although technically not a country and consequently not country Group E.) Microsoft may not export without authorization to: please consult the OFAC Iran Sanctions Resource Center, the US BIS Cuba Guidance and OFAC Cuba Guidance. Financial Crimes OFAC Department of Treasury Sanctions Ukraine Of Interest to Non-US Persons. 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 June 9, 2022, the U.S. Department of the Treasurys Office of Foreign Assets Control (OFAC) published eleven new FAQs (FAQ 1058, FAQ 1059, FAQ 1060, FAQ 1061, FAQ 1062, FAQ 1063, FAQ 1064, FAQ 1065, FAQ 1066, FAQ 1067, and FAQ 1068) related to the Russian Harmful Foreign Activities Sanctions Regulations, 31 CFR part 587. 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. Baker McKenzie's Sanctions Blog published the alert titled OFAC issues new and amended Russia-related general licenses and FAQs; BIS issues new Russia-related FAQs on 9 May 2022. March 4, 2022. The determination of June 28, 2022 issued pursuant to section 1 (a) (i) of E.O. BIS advises exporters, reexporters, transferors, and those providing certain services in Russia to review the OFAC requirements in this area. The full alert is available for download with footnotes 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). They may also want to refer to the FAQ section related to the insurance industry on the U.S. Treasury Departments website. Search search. OFAC issued Frequently Asked Question 965 providing guidance on the scope of Directive 1A. OFAC and EU update FAQs related to Russia sanctions. It has also issued several FAQ related to the License. 465. FAQ 1058: Section 1 (a) (ii) of Executive Order (EO) 14071 prohibits the direct or indirect exportation, reexportation, sale, or supply from the United States, or 10) Regulations 2022 (Amendment No. Please visit the United with Ukraine page for the most current information. OFAC also updated several of its existing Frequently Asked Questions (FAQs) in connection with these new sanctions and added a new FAQ No. On March 11, the U.S. Department of the Treasurys Office of Foreign Assets Control issued guidance, in line with the G7 leaders' statement, to guard against possible attempts to use virtual currency to evade U.S. sanctions imposed on Russia. The day to day administration and enforcement of EU sanction is delegated to the relevant competent authorities in each EU member state. See OFAC FAQ 1019. To find out more, visit the ICA website. FAQ. 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. On June 9, 2022, the US Department of the Treasurys Office of Foreign Assets Control published new Frequently Asked Questions (FAQs 1058 1068) related to Russian Harmful Foreign Activities Sanctions in order to address and clarify Executive Order 14071 and the May 8, 2022 determination (the determination) that prohibits certain services involving accounting, trust and

What does the gold-related determination pursuant to Executive Order (E.O.) Start Preamble Start Printed Page 26094 AGENCY: Office of Foreign Assets Control, Treasury. 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. The U.S. Department of Commerce, Bureau of Industry and Security (BIS) and the U.S. Department of the Treasury, Office of Foreign Assets Control (OFAC) have implemented various Russia sector sanctions and Ukraine-related sanctions. sanctions in the form of FAQs, which can be found on this . Additionally, U.S. persons and U.S. businesses are prohibited from transacting with those designated persons. 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. The agency levies civil penalties and negotiates settlements with those it has determined have violated its rule. New Investment Ban FAQs. Sanctions due diligence is the process of regularly screening customer, supplier, EO 14066, issued on March 8, 2022 prohibits new investment in Russia's energy sector. 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 President Biden unveiled new sanctions targeting influential Russians and Russian President Vladimir Putins yachts on the 99th day of Moscows invasion of Ukraine. 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. On April 25, 2022, the US Treasury Departments Office of Foreign Assets Control (OFAC) re-issued General License 13R (GL 13R) and General License 15L (GL 15L), narrowing those authorized activities with GAZ Group and entities owned 50% or more by GAZ Group (GAZ), as further described below.

UK Sanctions . Search OFAC's Sanctions Lists.

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. With many prominent Russian individuals and entities being sanctioned, you may have noticed an uptick in new entities being impacted by these regulations. October 3, 2018 By: SanctionsAlert.com. Finally, OFAC imposed an import ban on Russian-origin gold, effective immediately. Financial Sanctions. Ukraine-/Russia-related Sanctions. 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. 1070. According to OFAC, the public guidance further cut[s] off avenues for potential sanctions evasion by Russia and 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. On February 22, 2022, the U.S. Department of the Treasurys Office of Foreign Assets Control (OFAC) imposed sanctions on a number of Russian persons, entities, and vessels. In this function, OFAC oversees compliance and carries out enforcement actions where commercial actions have violated U.S. sanctions. 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. 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.

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