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.
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.
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