OFAC's Ukraine-Related Sanctions program does not prohibit all trade with Ukraine institutions, rather only certain entities involved in the Ukraine crisis, particularly those complicit in Russia's annexation of Crimea. As Russian forces advanced into Ukraine, prompting further rounds of Western sanctions against Russia, an RMA Risk Readiness webinar February 24 focused on legal and compliance risk considerations for banks. President Woodrow Wilson promoted such sanctions as a method for the League of . Each of the Russia-related prohibitions and new FAQs are summarized below. Russia, USA June 30 2022. By RMA. Given the sanctions situation in Russia following the invasion of Ukraine, as well as the growing number of cryptocurrency addresses attached to sanctioned individuals and entities on OFAC's SDN list, there is a need for cryptocurrency businesses to be more cognizant of sanctions than ever. On June 23, 2022, the Office of the Comptroller of the Currency (OCC) released its Semiannual Risk Perspective (SRP) for spring 2022.

On June 23, 2022, the UK introduced a further set of amendments to the Russia (Sanctions) (EU Exit) Regulations 2019 (the UK Russia . OFAC Guidance Regarding Application of Russia-related Sanctions to Gold-Related Transactions. The U.S. Treasury Department announced further sanctions against Russian state-owned enterprises. Karen Leiter. .

The end of the carve-out means US investors are not allowed . The US Treasury's Office of Financial Assets Control ('OFAC') published, on 19 April, a fact sheet which, it says, 'makes clear that US sanctions issued in response to Russia's further invasion of Ukraine do not stand in the way of, OFAC initially designated Severstal and Nord Gold as SDNs on June 2, 2022.

OFAC is closely monitoring any efforts to circumvent or violate Russia-related sanctions, including through the use of gold or other precious metals, and is committed to using its authorities to act against sanctions evaders, and promote compliance. POB Russia; nationality Russia . 14024 or other Russia-related sanctions authorities. The new sanctions will take effect on June 7, 2022, and will prohibit any accounting, entity formation, or consulting services to any Russian or Belarusian person or entity. Russia scrambles as 518M debt deadline looms and sanctions cripple Moscow's options A LAST minute scramble appears to have prevented Russia defaulting on a payment of 518M, however long term risks still remain high. OFAC issues general licenses in order to authorize activities that would otherwise be prohibited with regard to Russian Harmful Foreign Activities Sanctions. The Ukraine-/Russia-related Sanctions program represents the implementation of multiple legal authorities. Husch Blackwell's Export Controls and Economic Sanctions Team continues to monitor U.S. sanctions and export controls against Russia and will provide further updates if additional developments occur . Each of the Russia-related prohibitions and new FAQs are summarized below. On February 28, 2022, the US Department of Treasury's Office of Foreign Assets Control ("OFAC") issued further sanctions on Russia's Central Bank, National Wealth Fund, and Ministry of . The US Department of the Treasury's Office of Foreign Assets Control ("OFAC") announced a new round of Russia -related designations to the Specially Designated 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.

The United States sanctions three of Russia's most highly-viewed directly or indirectly state-controlled television stations in Russia . Russia-related Sanctions Programs: Russian Harmful Foreign Activities Sanctions Ukraine-/Russia-related Sanctions Countering America's Adversaries Through Sanctions Act of 2017 (CAATSA) Magnitsky Sanctions

Here is a brief summary of the different sanctions imposed by OFAC against Russia since the start of the war (up to the date of this writing . OFAC is also sanctioning Vladimir Putin, elites . On June 2, 2022, the US Government increased sanctions against Russia in stated response to Russian attempts to evade US sanctions, including targeting additional government officials, business leaders and luxury assets. Start Preamble Start Printed Page 26094 AGENCY: Office of Foreign Assets Control, Treasury. 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 Russia's war of aggression. establishes a new national emergency under which sanctions may be imposed against individuals and entities furthering specified harmful foreign activities of Russia against the United . To aid users of the tool, Sanctions List Search contains a feature entitled . The US and European governments' sanctions, embargos, and export controls imposed on Russia in response to its invasion of Ukraine pose compliance challenges and heightened enforcement risks. To aid users of the tool, Sanctions List Search contains a feature entitled . On April 15, 2021, President Biden issued an Executive Order ("E.O.") on "Blocking Property with Respect to Specified Harmful Foreign Activities of the Government of the Russian Federation." The E.O. OFAC initially designated Severstal and Nord Gold as SDNs on June 2, 2022. New Investment Ban FAQs. On June 6, 2022, the U.S. Treasury Department's Office of Foreign Assets Control ("OFAC") issued new and amended Frequently Asked Questions (the "FAQs") setting forth what constitutes a prohibited "new investment" in the Russian Federation for Posted in , , , Russia/Ukraine Sanctions, , UK Sanctions. Between April 18 and May 2, 2022, the US government continued to ratchet up economic sanctions, export controls, and other restrictive trade measures targeting Russia. Even before this new prohibition, certain gold-related transactions involving the Russian Federation were sanctionable under E.O. OFAC cautioned that sanctioned Russian parties are known to employ a wide . The Office of Foreign Asset Control (OFAC) imposed a wide range of sanctions from comprehensive embargoes on the so-called Donetsk People's Republic and Luhansk People's Republic regions of Ukraine to severing Russia's Central Bank and largest financial institutions from the world economy. Other authorities are public laws (statutes) passed by The Congress. Russia (FAQ 1054). Typically, U.S. persons or entities are prohibited from engaging in trade or financial transactions with sanctioned parties; however, OFAC will grant exemptions under certain circumstances. Although the sanctions affect the healthcare industry only indirectly at this time, healthcare organizations should still understand their legal obligations and not just those that apply to Russia. October 3, 2018 By: SanctionsAlert.com. However, any additional sanctions beyond the four (4) SDN designations reported in this post are purely speculative at this time. The U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC") imposed sanctions against multiple parties in Russia to deplete Russian resources for purposes of ending the war. Send. The latest OFAC sanctions package was imposed in conjunction with new export controls on industrial goods implemented by the U.S . OFAC is also sanctioning Vladimir Putin, elites . On June 28, the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Orders (E.O.) The corresponding White House Announcement outlines the actions the Biden Administration planned to take in coordination Checking the Office of Foreign Assets Control (OFAC) Sanctions List is the first and most vital step in assessing your international economic ties . The sanctions are very similar to existing U.S. sectoral sanctions that have been imposed on Russian companies . After World War I, interest revived. The number of recent actions taken by the Treasury against Russia since February 21 illustrate the enormity of the recent sanctions intended to punish and defund Russian military actions against Ukraine.. On February 21, 2022, the US imposed what President Biden referred to as the "first tranche" of sanctions against Russia in response to Russia . The Sanctions List Search tool uses approximate string matching to identify possible matches between word or character strings as entered into Sanctions List Search, and any name or name component as it appears on the SDN List and/or the various other sanctions lists. 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). ACTION: Final rule. Mikhail Svetlov/Getty Images. Russia-related General License 1A . 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. On September 13, 2018, Epsilon Electronics Inc, a car audio and video equipment manufacturer, agreed to pay the U.S. Treasury's Office of Foreign Assets Control (OFAC) $1,500,000 to settle a case related to alleged violations of the Iranian Transactions and Sanctions Regulations. OFAC has cautioned U.S. persons to be vigilant about attempts to circumvent OFAC regulations through gold-related transactions. United States trade policy was entirely a matter of economic policy. 14:49, Tue, May 3, 2022 | UPDATED: 14:49, Tue, May 3, 2022. Financial institutions and banks will often canvass the OFAC Sanctions lists in their anti-money laundering programs. The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) took major steps to degrade the Russian economy and impose full blocking sanctions by including Sberbank, Alfabank, and their . This follows the issuance the day before of an Executive Order imposing severe restrictions on economic . Violations of OFAC regulations may result in criminal or civil penalties. 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. Navigating Russia Sanctions Compliance in the Crypto Space . Contributed by . On June 9, 2022, the U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC") published eleven new FAQs ( FAQ 1058, FAQ 1059, FAQ 1060, FAQ 1061, FAQ 1062, FAQ 1063 . . 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; On April 29, 2022 the US Department of Treasury's 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. Please visit the United with Ukraine page for the most current information. The Ukraine-related sanctions program was the first of its kind to have sectoral sanctions and it specifically targeted Russia's financial and energy sectors. On March 31, the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) announced several new sanctions in response to Russia's invasion of Ukraine. The Sanctions List Search tool uses approximate string matching to identify possible matches between word or character strings as entered into Sanctions List Search, and any name or name component as it appears on the SDN List and/or the various other sanctions lists. In the SRP, the OCC opines on its current safety and soundness concerns for banks under its regulatory umbrella, focusing on Russia sanctions, climate-related risk, and rising inflation. Ukraine and Russia Sanctions.

We are currently enrolling students for on-campus classes and scheduling in-person campus tours. These authorities are further codified by OFAC in its regulations which are . On August 1, 2019, the President issued Executive Order 13883 and on August 3 OFAC issued a Russia-related Directive ("CBW Act Directive") and related FAQs regarding its administration of the President's Executive Order . Penalties for breaching OFAC sanctions On May 8, 2022, the United States, through the Office of Foreign Assets Control (OFAC), introduced new sanctions against Russia and Belarus. On June 23, 2022, the UK introduced a further set of amendments to the Russia (Sanctions) (EU Exit) Regulations 2019 (the UK Russia . The President and U.S. Treasury Department's Office of Foreign Assets Control ("OFAC") have recently taken significant steps to tighten sanctions against Russia and Venezuela. 14024 and 14065 against 70 entitiesmany of which, according to OFAC, "are critical to the Russian Federation's defense industrial base, including State Corporation Rostec, the cornerstone of Russia's defense, industrial, technology, and . But along with Russian oligarchs and entities, OFAC has also designated others, most notably two key Hizballah financiers operating out of Guinea in West . The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing the names of two individuals that have been placed on OFAC's Specially Designated Nationals and Blocked Persons List (SDN List) based on OFAC's determination that one or more applicable legal criteria were satisfied. To aid users of the tool, Sanctions List Search contains a feature entitled . 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). OFAC sanctions Russian technology companies. The United States imposed financing restrictions on large Russian state-owned enterprises that prohibit U.S. persons from dealing in new debt of those companies with a maturity of more than 14 days or in new equity of those companies. Some of these authorities are in the form of an executive order issued by the President.

14024 and other Russia-related sanctions apply to gold-related transactions. On June 28, the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Orders (E.O.) The Department of Treasury's Office of Foreign Assets Control (OFAC) list of sanctioned persons and entities has grown since Russia invaded Ukraine. What Happened: On February 24, 2022, the US government launched a second, escalated round of sanctions against Russia in response to Russia's full-scale invasion of Ukraine. On February 24, 2022, the US Department of the Treasury's Office of Foreign Assets Control ("OFAC") issued additional expansive sanctions on Russia in response to Russia's further invasion of Ukraine (these sanctions are in addition to the significant export controls on Russia implemented by the US Commerce Department's Bureau of Industry & Security on February 2/28/2022. On March 24, 2022, OFAC published a response to FAQ 1029, making clear that the prohibitions of E.O. On June 28, 2022, The Department of the Treasury's Office of Foreign Assets Control (OFAC) sanctioned 70 entities and 29 individuals involved in Russia's defense . New Entity List Designations On June 28, 2022, the US Commerce Department's Bureau of Industry and Security (BIS) added 36 . On June 28, 2022, The Department of the Treasury's Office of Foreign Assets Control (OFAC) sanctioned 70 entities and 29 individuals involved in Russia's defense . As described in the Russia Sanctions rule's preamble, as well as in the other rules published in March 2022, Russia's invasion of Ukraine, and Belarus's substantial enabling of Russia's invasion of Ukraine, flagrantly violates international law, is contrary to U.S. national security and foreign policy interests, and undermines global order . 1 The Department of Treasury's Office of Foreign Assets Control ("OFAC") issued Directive 2 (the "Russia-related CAPTA Directive") 2 and Directive 3 (the "Russia-related Entities Directive"), 3 as well as . On the same day, OFAC updated eight FAQs (FAQ 967, FAQ 976, FAQ 977, FAQ 978, FAQ 1010, FAQs 1011, FAQ 1012and FAQ 1017) in connection with Russian Harmful Foreign Activities Sanctions Regulations31 CFR part 587. The Sanctions List Search tool uses approximate string matching to identify possible matches between word or character strings as entered into Sanctions List Search, and any name or name component as it appears on the SDN List and/or the various other sanctions lists. In addition to providing detailed information on sanctions enacted by the U.S. and like-minded nations, the presenters . After the failure of the Embargo Act of 1807, the federal government of the United States took little interest in imposing embargoes and economic sanctions against foreign countries until the 20th century. In 2021, OFAC brought 20 enforcement actions and collected over $21 million in penalties. May 27, 2022. helpline: +44 (0 . Russia moved closer to a default on Wednesday after the US Treasury let a key sanctions exemption expire. OFAC's enforcement focus has stretched well beyond its historical oversight of the financial industry.