OFAC Expands Sanctions Against Russia

OFAC designated multiple individuals and entities in a broad expansion of sanctions against Russia.

OFAC issued a new determination under EO 14024 ("Blocking Property With Respect To Specified Harmful Foreign Activities of the Government of the Russian Federation") that allows Treasury to impose sanctions on entities in Russia's metals and mining sector connected to war efforts. The new sanctions target entities that assist in sanctions evasion, as well as specific entities in the financial sector and suppliers of materials to the Russian military. OFAC's actions were taken in coordination with actions by the U.S. Department of State, the U.S. Department of Commerce, the Office of the U.S. Trade Representative and foreign G7 allies.

In the designations, OFAC identified (i) multiple Russian financial institutions, including one of the top 10 largest banks by asset value, (ii) Russian wealth management-related entities believed to be involved in sanctions evasion and (iii) 30 third-country individuals and companies connected to the sanctions evasion efforts. OFAC also designated entities deemed critical to Russia's supply chain, such as entities that produce materials for Russia's war efforts.

OFAC issued four new or amended general licenses and five frequently asked questions.