OFAC Amends and Reissues Ukraine-Related Sanctions Regulations

OFAC amended and reissued the Ukraine-Related Sanctions Regulations, 31 CFR Part 589.

The renamed "Ukraine-/Russia-Related Sanctions Regulations" replaced the former version with a more comprehensive set that includes in-depth interpretive and definitional guidance, general licenses and other regulatory provisions. The regulations implement aspects of Executive Order 13685 ("Blocking Property of Certain Persons and Prohibiting Certain Transactions With Respect to the Crimea Region of Ukraine"), as well as certain provisions of the Ukraine Freedom Support Act of 2014, the Support for the Sovereignty, Integrity, Democracy, and Economic Stability of Ukraine Act of 2014 and the Countering America's Adversaries Through Sanctions Act. Additionally, OFAC is incorporating four sectoral sanctions directives and six pre-existing General Licenses, as well as adding seven new General Licenses.

OFAC is also revising several FAQs pertaining to the Ukraine-/Russia-Related Sanctions Regulations. OFAC stated that publication of the final rule will initiate an automatic update to the unique identifier numbers of certain sanction entries.

The regulations are effective on May 2, 2022.