New U.S. restrictions to prevent circumvention of sanctions against Russia

The U.S. tightens the sanctions against Russia, aiming to hit any attempt to circumvent the restrictive measures imposed so far.

The Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury has added 22 individuals and 104 entities, with touchpoints in more than 20 countries or jurisdictions, to the list of targeted sanctions. The purpose of these provisions is to target those who try to circumvent or evade sanctions and other economic measures against Russia, the channels Russia uses to acquire critical technology, its future energy extraction capabilities, and Russia’s financial services sector. For identifying information on the individuals and entities sanctioned or property identified, click here.

OFAC has also issued an amendment to Directive 4 pursuant to E.O. 14024 requiring U.S. entities to report any property in their possession or control in which the Central Bank, the National Wealth Fund or the Ministry of Finance of the Russian Federation have an interest.