The OverRuled: Russia Trade Controls Resource Center has been updated with the following actions:
- 24 Feb 2023 (OFAC):
On February 24, 2023, the Secretary of the Treasury issued a “determination” pursuant to section 1(a)(i) of Executive Order (“E.O.”) 14024 authorizing the imposition of sanctions on persons determined to operate or have operated in the “metals and mining” sector of the Russian Federation economy. Concurrent with this determination, OFAC issued certain FAQs clarifying the scope of the new designation authority, namely FAQs 1114, 1115, 1116, and 1117.
- 24 Feb 2023 (OFAC):
On February 24, 2023, OFAC designated a number of Russian financial institutions and wealth management-related entities, including Credit Bank of Moscow Public Joint Stock Company, one of Russia’s ten largest banks by asset value. OFAC also designated a number of Russian and non-Russian individuals and entities involved in the circumvention of U.S. sanctions and export controls, as well as a number of Russian and non-Russian individuals and entities that are involved in the production of carbon fiber and advanced materials; operate in the Russian aerospace, technology, and defense and related materiel sectors; and a Russian mercenary force operating in Ukraine. OFAC also designated four entities for operating or having operated in the “metals and mining” sector of the Russian Federation economy. In total, OFAC designated 22 individuals and 83 entities.
The U.S. Department of State designated a number of entities and individuals, including a number of Russian governors and government officials, as well as entities and individuals operating or having operated in Russia’s financial services, defense and related materiel, advanced technology, and technology sectors. The Department of State also designated, among others, individuals and entities involved in Russia’s future energy production and three subsidiaries of State Atomic Energy Corporation Rosatom’s civil nuclear structure, and identified 22 vessels as blocked property. The Department of State also announced steps to impose visa restrictions on 1,219 members of Russia’s military for actions that threaten or violate the sovereignty, territorial integrity, or political independence of Ukraine, and also imposed visa sanctions on three Russian Federation military officials under Section 7031(c) of the Department of State, Foreign Operations, and Related Programs Appropriations Act, 2023. In total, the Department of State designated 76 individuals and 52 entities.
In connection with these actions, OFAC amended two existing General Licenses (“GLs”), and also issued two new GLs authorizing wind-down and limited continuing activity with certain entities blocked on February 24, 2023.
- 24 Feb 2023 (OFAC):
On February 24, 2023, the Financial Action Task Force (“FATF”) suspended the Russian Federation’s membership of the organization.
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