OFAC ADDS 18 INDIVIDUALS AND A NUMBER OF ENTITIES TO RUSSIAN SANCTIONS LISTS AND NEW GENERAL LICENSES AND A NEW EXECUTIVE ORDER

On 6 April, OFAC announced further names that had been added to its Russian sanctions lists.  It also advised the issue of new General Licences 8B, 9B, 10B, 21, 22 and 23.  Those listed include Sberbank, the largest financial institution in Russia and majority-owned by the Government of the Russian Federation.  It holds the largest market share of savings deposits in the country, is the main creditor of the Russian economy.  42 Sberbank subsidiaries were also listed.  Also listed is Alfa-Bank (as well as subsidiaries), Russia’s largest privately owned financial institution and Russia’s fourth-largest financial institution overall.  The names also include 5 vessels owned by Alfa-Lizing OOO and members of the families of Vladimir Putin and Foreign Minister Sergey Lavrov.  In addition, OFAC is designating the remaining members of Russia’s Security Council, including former President and Prime Minister Dmitry Medvedev.  Many of these individuals have also been sanctioned by international partners, including Canada, EU, Japan, New Zealand, Australia, and UK.

Separately, a further news release advised that 2 daughters of President Putin had been added to sanctions lists.

A new Executive Order of 6 April is concerned with “Prohibiting New Investment in and Certain Services to the Russian Federation in Response to Continued Russian Federation Aggression”, and will ban all new investment in the Russian Federation by US persons, wherever located, as well as the exportation, re-exportation, sale, or supply, directly or indirectly, from the US, or by a US person, wherever located, of any category of services as may be determined.

The new General Licenses are concerned with authorising: certain transactions related to energy; transactions related to dealings in certain debt or equity; certain transactions related to derivative contracts; authorising the wind down of Sberbank CIB USA Inc; authorizing the wind down of transactions involving JSC Sberbank; and authorizing the wind down of transactions involving JSC Alfa-Bank.

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20220406

https://home.treasury.gov/news/press-releases/jy0705

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20220406_33

https://www.theguardian.com/world/2022/apr/06/eu-sanction-russia-reports-putin-daughters-ukraine

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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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