The OverRuled: Russia Trade Controls Resource Center has been updated with the following actions:
- 02 Nov 2023 (OFAC):
OFAC and the U.S. Department of State designated 192 entities and 37 individuals, each pursuant to E.O. 14024, in an action aimed at disrupting the networks and channels through which Russia supports its military-industrial base and evades sanctions, impeding Russia’s technological growth, and targeting Russia’s financial services and energy and extractives sectors. These sanctioned individuals and entities operate in a variety of industries, including the defense and related materials, financial services, technology, energy, metals and mining, electronics, manufacturing, construction, and transportation sectors of the Russian Federation economy. Most of the individuals and entities designated in this action are based in Russia, however, OFAC and the Department of State also designated entities based in China, Turkey, and the United Arab Emirates.
Concurrent with these designations, OFAC issued four general licenses: (i) General License 13G, which extends the authorization of certain administrative transactions prohibited by Directive 4 under E.O. 14024, until 12:01 am EST January 31, 2024 (as well as adding new authorization for the receipt of tax refunds); (ii) General License 74, which authorizes the wind down and rejection of transactions involving East-West United Bank, until 12:01 am EST January 31, 2024; (iii) General License 75, which authorizes all transactions ordinarily incident and necessary to the divestment or transfer, or the facilitation of the divestment or transfer of debt or equity of, or derivative contracts involving, certain entities blocked on November 2, 2023, as well as all transactions ordinarily incident and necessary to facilitating, clearing, and settling trades involving such debt or equity, until 12:01 am EST January 31, 2024; and (iv) General License 76, which authorizes the wind down of transactions involving certain entities blocked on November 2, 2023, until 12:01 am EST January 31, 2024. Each of these general licenses is subject to certain conditions.
The OverRuled: China Trade Controls Resource Center has been updated with the following actions:
- 02 Nov 2023 (OFAC):
OFAC designated three entities in the PRC among other parties based in Türkiye and the UAE, pursuant to EO 14024, for abetting Russia's war against Ukraine by providing Russia with technology and equipment from third countries, including critical components that Russia relies on for its weapons systems.
The listed parties in the PRC are:
- Beijing Jiahehengda Technology Company Limited;
- Beijing Shangyixianda Technology Company Limited; and
- China Taly Aviation Technologies Corporation
- Beijing Jiahehengda Technology Company Limited;
- 02 Nov 2023 (OFAC):
In coordination with OFAC, the Department of State also designated two entities in Hong Kong among other parties based in Russia, Cyprus, Mongolia, and the UAE, pursuant to EO 14024, which are associated with Russia's war effort and other malign activities.
The listed parties in Hong Kong are:
- Bestop Globle MFG Limited; and
- Neway Technologies Limited.
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