OFAC Amends Russia-related Sanctions FAQs

OFAC amended Russia-related sanctions FAQs to (i) further clarify the types of transactions that U.S. persons are authorized to engage in with certain Russian telecommunications companies and (ii) update definitions.

OFAC amended the following FAQs:

• FAQ 1034, to update the definitions of the terms "accounting services," "trust and corporate formation services," "management consulting services" and "Russian person" under a May 8, 2022 determination ("Prohibitions Related to Certain Accounting, Trust and Corporate Formation, and Management Consulting Services") made pursuant to EO 14071;

• FAQ 1035, which updated the definitions of the terms "credit rating services" and "auditing services" pursuant to General License 35, which authorizes U.S. persons to provide credit rating services and auditing services and to conduct related transactions through August 20, 2022; and

• FAQ 1038, which updated the definitions of the terms "accounting sector," "trust and corporate formation sector" and "management consulting sector" under the May 8, 2022 determination made pursuant to EO 14024.