US: FURTHER RUSSIAN SANCTIONS – DESIGNATIONS INCLUDE FINANCIAL EXECUTIVES, A WEAPONS MANUFACTURER, AND STATE-CONTROLLED TV STATIONS; AND NEW PROHIBITIONS BAN SERVICES CRITICAL TO RUSSIA’S WAR EFFORT

On 8 May, OFAC announced a slew of new sanctions against Russia.  The new designations include the board members of 2 of Russia’s most important banks (Gazprombank and Sberbank), a Russian state-owned bank (the JSC Moscow Industrial Bank or MIB) and 10 of its subsidiaries, a state-supported weapons manufacturer (Promtekhnologiya), and 3 of Russia’s state-controlled TV stations that generate revenue for the state (Channel 1, Russia 1 and NTV). 

OFAC also says that it has identified accounting, trust and corporate formation, and management consulting as categories of services that are subject to a prohibition and are subject to sanctions. 

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20220508

https://home.treasury.gov/news/press-releases/jy0771

also issued were –

NEW GENERAL LICENSES, DETERMINATIONS OF SANCTIONS APPLICATION AND FAQ

Also on 8 May, OFAC issued new General Licenses 25A (Authorizing Transactions Related to Telecommunications and Certain Internet-Based Communications); 33 (Authorizing the Wind Down of Operations or Existing Contracts Involving Certain Blocked Entities); 34 (Authorizing the Wind Down of Accounting, Trust and Corporate Formation, and Management Consulting Services); and 35 (Authorizing Transactions Involving Credit Rating and Auditing Services).  The Determinations of applying sanctions to the accounting, trust and corporate formation services, and management consulting sectors of the Russian Federation economy; and categories of services: accounting, trust and corporate formation, and management consulting.

https://home.treasury.gov/system/files/126/russia_gl25a.pdf

https://home.treasury.gov/system/files/126/russia_gl33.pdf

https://home.treasury.gov/system/files/126/russia_gl34.pdf

https://home.treasury.gov/system/files/126/russia_gl35.pdf

https://home.treasury.gov/system/files/126/determination_05082022_eo14024.pdf

https://home.treasury.gov/system/files/126/determination_05082022_eo14071.pdf

https://home.treasury.gov/policy-issues/financial-sanctions/faqs/added/2022-05-08

https://www.theguardian.com/us-news/2022/may/08/us-unveils-new-sanctions-on-russia

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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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