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On April 3, 2023 the Office of Foreign Assets Control (“OFAC” or “the agency”) launched a new domain for its website at ofac.treasury.gov. This update aims to make it easier for users to navigate OFAC’s sanctions database, find industry guidance, utilize the reporting system, and stay current on policy updates. In particular, for guidance…

The Office of Foreign Assets Control (“OFAC”) recently announced a settlement agreement with Danfoss A/S (“Danfoss” or “the company”) in response to allegations that Danfoss directed its customers in Iran, Syria, and Sudan to make payments through third-party agents to Danfoss’s bank account at the branch of a U.S. financial institution located in the United…

In coordination with other G7 countries, the United States announced another significant round of sanctions and export control restrictions on Russia on Sunday, May 8.  These include a new ban on the provision of certain services to Russia, new export controls, and sanctions on Russia’s media and financial sectors, and further additions to the…

On April 19, 2022, the Office of Foreign Assets Control (OFAC) issued a fact sheet with guidance on various humanitarian general licenses that authorize activities otherwise prohibited by U.S. sanctions, and respond to the threat Russia’s war in Ukraine poses to global food and energy supply chains.  The fact sheet provides consolidated guidance to non-governmental…

In coordination with the European Union and G7 countries, the United States announced a raft of new sanctions and trade control measures targeting Russia today in response to the ongoing war in Ukraine.  The new measures include:

  • The planned revocation of Russia’s Most Favored-Nation status, which is likely to substantially increase duties on many imports

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Yesterday, the Office of Foreign Assets Control (OFAC) issued guidance and general licenses clarifying the intended scope of the Directive 4 sanctions imposed on the Russian Central Bank, National Wealth Fund, and Ministry of Finance (Directive 4 entities).   As outlined in our earlier post, Directive 4 prohibits any transactions involving a Directive 4 entity, including…

Today, the United States followed the European Union and United Kingdom in imposing sanctions on 19 Russian oligarchs and their family members and close associates.

Alisher Usmanov, an oligarch with vast holdings, was among those added to the U.S. List of Specially Designated Nationals (SDN List).  However, U.S. persons are authorized to continue to engage…

The United States, European Union, and other G7 members imposed coordinated sanctions on Russia’s Central Bank today in a move that is designed to have a significant and sustained impact on the Russian economy by limiting Russia’s ability to sell foreign currency reserves and support the ruble.  The bloc had announced an agreement to impose…

Today, the European Union announced that it would close EU airspace to all Russian-owned, Russian registered, or Russian-controlled aircraft, including private aircraft owned by the Russian elite.  The bloc’s move follows similar measures adopted by a growing number of Member States in recent days.

The EU will also impose sanctions on Russia Today and Sputnik,…

Today, the United States, European Union, and allies issued a joint statement pledging additional sanctions on Russia in response to the escalating conflict in Ukraine.  While the details remain to be determined, the countries pledged new sanctions that will cut off certain Russian banks from the SWIFT interbank messaging system and sanctions that will restrict certain transactions by the Russian Central Bank.  The signatories also indicated that they will launch a transatlantic task force dedicated to identifying and freezing the assets of sanctioned parties.

The White House separately announced yesterday that the Russian Direct Investment Fund (RDIF) would be subject to full U.S. blocking sanctions.  The RDIF operates as a sovereign wealth fund and holds stakes in an array of businesses in Russia.

The sanctions landscape continues to rapidly evolve.  Companies with exposure to the Russian market should continue to monitor these developments.

Feb. 27, 2022 Update: Japan will also adopt these measures.

The full joint statement is below the break.…

Continue Reading Western countries pledge sanctions related to SWIFT & Russia’s Central Bank