On 20 April, OFAC advised of the addition of a large number of individuals and entities to its Russia-related sanctions lists.  Those designated are described as facilitators of sanctions evasion.  It has designated Russian commercial bank Transkapitalbank and a global network of more than 40 individuals and entities led by US-designated Russian oligarch Konstantin Malofeyev, including organisations whose primary mission is to facilitate sanctions evasion for Russian entities.  OFAC has also designated companies operating in Russia’s virtual currency mining industry, reportedly the third largest in the world.  This is the first time that the US Treasury has designated a virtual currency mining company.  The 2 General Licenses are concerned with authorising JSC Transkapitalbank and Afghanistan; and the wind down of transactions involving JSC Transkapitalbank.





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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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