CENTRAL BANK OF RUSSIA; a.k.a. This Sanctions List Search application ("Sanctions List Search") is designed to facilitate the use of the Specially Designated Nationals and Blocked Persons list ("SDN List") and other sanctions lists administered by OFAC, including the Foreign Sanctions Evaders List, the Sectoral Sanctions Identifications List, the List of Foreign Financial Institutions Subject to Correspondent Account or . The U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC") announced three new sets of blocking sanctions. Summary of Recent OFAC Sanctions and BIS Export Controls on Russia, Belarus, and the Self-Declared Donetsk and Luhansk People's Republics in Ukraine . BANK OF RUSSIA, CENTRAL BANK; a.k.a. On February 22, 2022, the Office of Foreign Assets Control (OFAC) expanded sanctions against Russia through blocking sanctions against two major Russian state-owned financial institutions, additional restrictions on Russian sovereign debt, sanctions on five Putin/Kremlin-connected elites, and the designation of several vessels. General License (GL) 9A authorizes U.S. persons, until 12:01 a.m. eastern daylight time May 25, 2022, to engage in transactions prohibited by the Russian Harmful Foreign Activities Sanctions Regulations, 31 CFR part 587, that are ordinarily incident and necessary to dealings in debt or equity issued prior to February 24, 2022 of one or more of the following entities ("covered debt or equity . 14024, "Prohibitions Related to New Debt and Equity of Certain Russia-related Entities." These names have . This action follows OFAC's imposition of sanctions on January 20, 2022, which identified Russian agents that took part in activities that attempt to destabilize the Ukrainian government, and builds on sanctions imposed on April 15, 2021, for Russian-backed efforts to attempt to influence U.S. elections. CENTRAL BANK OF RUSSIA; a.k.a. Start Preamble AGENCY: Office of Foreign Assets Control, Treasury. These authorities are further codified by OFAC in its regulations which are . The Department of the Treasury's Office of Foreign Assets Control (OFAC) is issuing Russia-related Directive 4 under Executive Order 14024 and Russia-related General License 8A.. The U.S. will hold accountable any actor that seeks to help Russia bypass economic sanctions amid the Kremlin's unprovoked onslaught on Ukraine, Deputy U.S. Treasury Secretary Wally Adeyemo told . On February 22, 2022, the Office of Foreign Assets Control (OFAC) expanded sanctions against Russia through blocking sanctions against two major Russian state-owned financial institutions, additional restrictions on Russian sovereign debt, sanctions on five Putin/Kremlin-connected elites, and the designation of several vessels. In 2021, OFAC brought 20 enforcement actions and collected over $21 million in penalties. 13687. . This follows the issuance of comprehensive sanctions on the . The four Russia-related "sectoral sanctions" directives (e.g., "new debt" and "new equity") 2. ACTION: Notice. OFAC has imposed full blocking sanctions on VTB Bank, Russia's second-largest financial institution, which holds nearly 20 percent of banking assets in Russia. BANK ROSSI, FEDERAL STATE BUDGETARY INSTITUTION; a.k.a. This was relatively consistent with OFAC's numbers in 2020. MATERIALS PREPARED BY: TAHLIA TOWNSEND AND SEAN C. KOEHLER . 13687. U.S. Treasury Imposes Sanctions on Russian Federation President Vladimir Putin and Minister of Foreign Affairs Sergei Lavrov February 25, 2022 United States, in Partnership with Allies and Partners, Sanctions the Architects of Russia's War Against Ukraine The U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC") announced . Some of these authorities are in the form of an executive order issued by the President. Updated 2312 GMT (0712 HKT . The Treasury advises that the Russia Sanctions (Application) (No.4) Regulations 2022 [SD 2022/0117] came into operation on 14 March 2022, which apply the provisions of the following United Kingdom statutory instrument relating to Russia financial and trade sanctions to the Island The Russia (Sanctions) (EU Exit) (Amendment) (No. Designated pursuant to Section 1 (a) (v) of Executive Order 13687 of January 6, 2015, "Imposing Additional Sanctions With Respect To North Korea" ( E.O. The Week in Review delivers the impact and analysis for the public, private, and non-profit sectors from our daily reporting of the evolving global sanctions campaign against Russia. On March 24, 2022, the U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC") updated the Specially Designated Nationals and Blocked Persons List ("SDN List") with hundreds of new designations pursuant to Executive Order 14024.The new SDNs include: The Russian Federation ("Russia") State Duma (lower house of the Russian legislature) as an entity; Despite global sanctions against Russia, the war in Ukraine continues NPR's A Martinez speaks to Juan Zarate, former assistant secretary of the treasury, on the impact of the latest sanctions on . This will sever a critical artery of Russia's financial system. See 31 U.S.C. Categories: Belarus Europe Export Control North America Deputy Treasury Secretary Wally Adeyemo said the U.S. and its allies will tighten the sanction screws on Russia over its invasion of Ukraine, singling out industries . MARCH 28, 2022 Read the article via the link here. to the Office of Foreign Assets Control NS-MBS List since January 1, 2022: • 02/22/22 The following [RUSSIA-EO14024] entries have been added to OFAC's Non-SDN Menu-Based Sanctions List: BANK OF RUSSIA (a.k.a. 19 authorizes transactions that are ordinarily incident and necessary to the personal maintenance of US individuals within the Russian Federation that would otherwise be prohibited by EO 14068 of March 11, 2022. The Ukraine-/Russia-related Sanctions program represents the implementation of multiple legal authorities. This week, we reviewed the recent developments since our last update on 18 March as the United States . OFAC enforcement in 2022 is poised to increase beyond these numbers. This was relatively consistent with OFAC's numbers in 2020. The United States and its allies plan new sanctions on more sectors of Russia's economy that are critical to sustaining its invasion of Ukraine, including supply chains, Deputy U.S. Treasury . In 2021, OFAC brought 20 enforcement actions and collected over $21 million in penalties. The U.S. will hold accountable any actor that seeks to help Russia bypass economic sanctions amid the Kremlin's unprovoked onslaught on Ukraine, Deputy U.S. Treasury Secretary Wally Adeyemo told . Start Preamble AGENCY: Office of Foreign Assets Control, Treasury. General licenses allow all US persons to engage in the activity described in the general license without needing to apply for a specific license. A US Treasury official has warned crypto exchanges that help Russia skirt sanctions: 'We will come, and we will find you' Adam Morgan McCarthy 2022-03-29T17:14:53Z Designated pursuant to Section 1 (a) (v) of Executive Order 13687 of January 6, 2015, "Imposing Additional Sanctions With Respect To North Korea" ( E.O. 13687) for having acted or purported to act for or on behalf of, directly or indirectly, Apollon OOO, a person whose property and interests in property are blocked pursuant to E.O. Other New OFAC General Licenses since 8 March 2022. 13687) for having acted or purported to act for or on behalf of, directly or indirectly, Apollon OOO, a person whose property and interests in property are blocked pursuant to E.O. Other authorities are public laws (statutes) passed by The Congress. This action follows OFAC's imposition of sanctions on January 20, 2022, which identified Russian agents that took part in activities that attempt to destabilize the Ukrainian government, and builds on sanctions imposed on April 15, 2021, for Russian-backed efforts to attempt to influence U.S. elections. In addition to designating 328 members of the State Duma today, OFAC is also designating the State Duma itself as an entity. Today's action follows OFAC's March 11, 2022 designation of 12 members of the Russian State Duma who appealed to President Vladimir Putin to recognize the independence of the DNR and LNR. U.S. Treasury Sanctions Russia's Defense-Industrial Base, the Russian Duma and Its Members, and Sberbank CEO March 23, 2022 Statement from Secretary of the Treasury Janet L. Yellen on Secretary Madeleine Albright OFAC issues general licenses in order to authorize activities that would otherwise be prohibited with regard to Ukraine-/Russia-related Sanctions. By Michelle Toh, Junko Ogura, Hira Humayun, Isaac Yee, Eric Cheung, Sam Fossum and Ramishah Maruf, CNN. Sanctions Against Russia: The Week In Review | 25 March 2022. On March 11, 2022, BIS announced a final rule restricting exports, reexports, and in-country transfers of luxury goods to all end users in Russia and Belarus and to certain Russian and Belarusian individuals located worldwide. On February 25, 2022, OFAC imposed sanctions on the President of the Russian Federation, Vladimir Putin, and the Minister of Foreign Affairs, Sergei Lavrov, as well as other members of Russia's . Client Update. Today's action expands the sanctions on this entity, which is now blocked. Deputy Treasury Secretary Wally Adeyemo said the U.S. and its allies will tighten the sanction screws on Russia over its invasion of Ukraine, singling out industries . BANK ROSSI, FEDERAL STATE BUDGETARY INSTITUTION; a.k.a. OFAC clarifies the scope of sanctions targeting Russia's banking sector, as the EU excludes seven of Russia's largest banks from SWIFT. 2. Russia sanctions update - March 4, 2022. This update highlights several key sanctions developments since our March 1, 2022 client update, as the United States . in total, the entirety of the OFAC sanctions architecture is covered. 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 on february 22, 2022, one day after the russian federation formally recognized the donetsk people's republic ("dnr") and luhansk people's republic ("lnr") of ukraine as "independent states" and the biden administration responded by imposing a sanctions embargo against the dnr and lnr regions, the u.s. treasury department's office of foreign … BANK OF RUSSIA, CENTRAL BANK; a.k.a. 9-minute read. On March 24, the Biden administration announced a fresh round of sanctions and other trade restrictions in response to Russia's invasion of Ukraine, further complicating efforts to do business in or with Russia, particularly for companies operating in the defense sector.. Overview of New Actions. OFAC's enforcement focus has stretched well beyond its historical oversight of the financial industry. VTB Bank is majority-owned by the GoR, which deems it to be a systemically important financial institution. These include payment of . On February 24, 2022, OFAC determined that the following entities (a) operate or have operated in the financial services sector of the Russian Federation economy, and (b) shall be subject to the prohibitions of Directive 3 under E.O. SUMMARY: The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing the names of one or more persons 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 . Learning Objectives. On February 24, 2022, OFAC announced more expansive sanctions on Russia in response to Russia's military escalation into a full-scale invasion of Ukraine. Learn the operation of OFAC regulations at the root level. MARCH 28, 2022 OFAC has imposed full blocking sanctions on VTB Bank, Russia's second-largest financial institution, which holds nearly 20 percent of banking assets in Russia. to the Office of Foreign Assets Control NS-MBS List since January 1, 2022: • 02/22/22 The following [RUSSIA-EO14024] entries have been added to OFAC's Non-SDN Menu-Based Sanctions List: BANK OF RUSSIA (a.k.a. March 4, 2022. March 29, 2022, 12:00 AM PDT. OFAC Masterclass 2022. . MATERIALS PREPARED BY: TAHLIA TOWNSEND AND SEAN C. KOEHLER . VTB Bank is majority-owned by the GoR, which deems it to be a systemically important financial institution. The list of global sanctions on Russia for the war in Ukraine. 1 FIN-2022-Alert001 March 7, 2022 FinCEN Advises Increased Vigilance for Potential Russian Sanctions Evasion Attempts 1. Baker McKenzie's Sanctions Blog published the alert titled "US Government imposes expansive OFAC sanctions on Russia, sanctions certain additional Belarussian entities" on 27 February 2022. Full Blocking Sanctions on VTB. 1,007. Previously, only North Korea was subject to such restrictions on luxury goods. § 5312(a)(2); 31 CFR § 1010.100(t). Please also visit our Sanctions Blog for the most recent updates. In total, OFAC designated nearly 400 entities and individuals to its list of Specially Designated Nationals ("SDNs"); as a result, U.S. persons are (1) prohibited from engaging in virtually any business or . SUMMARY: The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing the names of one or more persons 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 . Are U.S. persons authorized to engage in certain activity with the so-called Donetsk People's Republic and Luhansk People's Republic regions of Ukraine or such other regions of Ukraine as may be determined by the Secretary of the Treasury, in consultation with the Secretary . In response to Russia's 2014 unprovoked attack on Ukraine, OFAC issued debt and equity restrictions in 2015 on JSC RDIF's predecessor, the Russian Direct Investment Fund Management Company, pursuant to Directive 1 under E.O. OFAC's enforcement focus has stretched well beyond its historical oversight of the financial industry. OFAC enforcement in 2022 is poised to increase beyond these numbers. 2. 13662. Our team described these sanctions in. 14024, "Prohibitions Related to New Debt and Equity of Certain Russia-related Entities." For relevant U.S. Department of the Treasury Office of ForeignAsset Control (OFAC) actions against the Russian Released on 03/02/2022. Summary of Recent OFAC Sanctions and BIS Export Controls on Russia, Belarus, and the Self-Declared Donetsk and Luhansk People's Republics in Ukraine . ACTION: Notice. The Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing Russia-related Directive 1A under Executive Order 14024 and is issuing Russia-related General License 2 and General License 3.. OFAC has also published two new Frequently Asked Questions (FAQ 964 and FAQ 965) and updated several Frequently Asked Questions.In addition, the following names have been added to . Maintenance of US Individuals in Russia . 6) Regulations 2022 On February 24, 2022, OFAC determined that the following entities (a) operate or have operated in the financial services sector of the Russian Federation economy, and (b) shall be subject to the prohibitions of Directive 3 under E.O. On February 22, 2022, one day after the Russian Federation formally recognized the Donetsk People's Republic ("DNR") and Luhansk People's Republic ("LNR") of Ukraine as "independent states" and the Biden Administration responded by imposing a sanctions embargo against the DNR and LNR regions, the U.S. Treasury Department's Office of Foreign Assets Control ("OFAC") took . Ukraine-/Russia-related Sanctions. The following names have been added to OFAC's list of Specially Designated Nationals list (SDN List) or have been updated on OFAC's Non-SDN Menu Based Sanctions List pursuant to Executive Order 14024, Directive 4: Russia-related Designations; Issuance of Russia-related Directive 4 and Russia-related General License 8A 02/28/2022 The Department of the Treasury's Office of Foreign Assets Control (OFAC) is issuing Russia-related Directive 4 under Executive Order 14024 and Russia-related General License 8A . OFAC GL No. March 29, 2022, 12:00 AM PDT.

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