OFAC Tightens Sanctions Targeting Russian Elites

OFAC "tightened" sanctions on Russian elites who had attempted to evade previous sanctions. OFAC published four new or amended General Licenses in connection with these actions.

Pursuant to Executive Orders 14024, 13685 and 13661, Russian individuals and entities added to OFAC's Specially Designated Nationals and Blocked Persons List include, among others, a Kremlin-aligned yacht brokerage, several high-ranking Russian government officials and President Vladimir Putin's offshore wealth manager. OFAC also targeted assets (e.g., yachts and aircraft) used by Russian elites. These actions were imposed in conjunction with actions by the U.S. Department of State and U.S. Department of Commerce.

The four new or amended General Licenses, issued under the "Russian Harmful Foreign Activities Sanctions Regulations" (31 CFR Part 587), include:

• General License No. 25B, authorizing transactions related to telecommunications and certain internet-based communications;

• General License No. 36, authorizing certain wind-down transactions involving public joint stock company Severstal;

• General License No. 37, authorizing certain wind-down transactions involving Nord Gold PLC; and

• General License No. 38, authorizing transactions related to pension payments to U.S. persons.