US SANCTIONS PACKAGE TARGETS RUSSIA AND BELARUS AFTER UKRAINE INVASION

On 24 February, a Commentary from Calwalader Cabinet explained the new sanctions, referring to a Factsheet from the White House.  The sanctions targets include Russia’s largest bank, Sberbank, and its second-largest bank, VTB.  They also target Belarus for its assistance in the invasion.  13 major companies designated include those critical to the Russian economy and 6 of Russia’s largest financial institutions.  OFAC also issued 8 General Licenses OFAC issued eight general licenses authorising certain transactions including those involving international organizations and entities; the wind down of transactions involving certain blocked persons; and the rejection of transactions involving certain blocked persons.  There are also accompanying FAQ.  OFAC is also sanctioning 24 Belarusian individuals and entities due to Belarus’s support for, and facilitation of, the invasion – with the action focusing on Belarus’s defence sector and financial institutions.

https://www.findknowdo.com/news/02/24/2022/sanctions-package-targets-80-percent-all-banking-assets-russia

https://www.whitehouse.gov/briefing-room/statements-releases/2022/02/24/fact-sheet-joined-by-allies-and-partners-the-united-states-imposes-devastating-costs-on-russia/

https://home.treasury.gov/news/press-releases/jy0608

https://home.treasury.gov/news/press-releases/jy0607

https://home.kpmg/us/en/home/insights/2022/02/tnf-us-sanctions-imposed-transactions-trade-russia.html

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20220224

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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