OFAC: CHANGES TO UKRAINE/RUSSIA SANCTIONS REGULATIONS AND REVISED FAQ

On 29 April, FinCEN advised that the US Treasury was replacing the Ukraine Related Sanctions Regulations, with them being replaced by being renamed as the Ukraine-/Russia-Related Sanctions Regulations.  The new regulations are intended to provide a more comprehensive set of regulations that includes additional interpretive and definitional guidance, general licences, and other regulatory provisions that will provide further guidance to the public.  OFAC has also revised several FAQ accordingly.

https://home.treasury.gov/policy-issues/financial-sanctions/faqs/updated/2022-04-29

https://home.treasury.gov/system/files/126/20220429_ukraine_regulations.pdf

https://content.govdelivery.com/accounts/USTREAS/bulletins/315b037

https://home.kpmg/us/en/home/insights/2022/04/tnf-us-final-rule-replacing-ukraine-related-sanctions-regulations.html

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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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