Office of Foreign Assets Control (OFAC)

Sanctions Designations:

  • U.S. Designates Numerous Individuals and Entities: On September 15, 2022, the U.S. added a number of individuals and entities to the Specially Designated Nationals and Blocked Persons (“SDN”) List.  The sanctions target Russia’s financial system, including the heads of Russia’s state-run card payment system (NSPK), central securities depository, stock exchange’s clearing

Crude Oil and Petroleum Price Cap: On September 2 2022, the G7 Finance Ministers issued a statement demonstrating their intent to implement a price cap on Russian-origin crude oil and petroleum products.  The G7 countries plan to prohibit the provision of services that enable maritime transportation of these products unless the products are purchased

Russia Sanctions: This week the European Union designated three additional individuals.  Two of the individuals are members of the Duma who undermined the territorial integrity, sovereignty, and independence of Ukraine by voting in favor of a resolution regarding the need to recognize the so-called Donetsk People’s Republic and Luhansk People’s Republic.  The other sanctioned

UK Sanctions Removal and Other Amendments: On August 23, 2022, the UK delisted Mikhail Vladimirovich Razvozhayev, the Governor of Sevastopol, who had been subject to a UK asset freeze since late July 2022.  The UK published amendments for 42 other individuals and entities, primarily revising descriptions of the parties.

U.S. and UK Issue General

On August 8, 2022, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) sanctioned virtual currency mixing service Tornado Cash, which OFAC said has been used to launder billions of dollars in virtual currency, including $455 million stolen by the Lazarus Group, a Democratic People’s Republic of Korea (“DPRK”) state-sponsored hacking group

Russia Sanctions: This week the United Kingdom updated the listings for several sanctioned persons by making 17 amendments to designated individuals and 10 amendments to designated entities.  The amendments included revisions to dates of birth, addresses, and descriptions.

General Licenses: On August 5, 2022, the United Kingdom issued general license (“GL”) INT/2022/2055384.  The

Russia Sanctions:  The UK designated 63 individuals this week, including several war correspondents embedded with Russian forces in Ukraine that work at Channel One, a major state-owned media outlet in Russia.  The UK also designated one entity, Evraz PLC, a UK-incorporated holding company of a multinational steel manufacturing and mining company group.  Additionally, the

Russia Sanctions:  There were limited developments this week.  There has been speculation that the EU would release its sixth round of sanctions against Russia, but no updates have been reported thus far.  The new package of sanctions is still expected soon.  The U.S. and UK also did not expand their list of designations this

Russia Sanctions:  Last Friday, the U.S. (BIS) added a number of entities to the Entity List citing their support of the Russian and Belarusian militaries.  Over the April 1 weekend, the world began to learn of the atrocities in Bucha.  The U.S., UK, and EU have since responded with a number of new sanctions

Russia Sanctions:  As the war enters its fifth week, the U.S. and UK continue to expand the restrictions and add to the list of designated individuals and entities.  Relative to sanctions and other prohibitions previously announced, there were few developments over the past week, but additional targeted sanctions may be forthcoming should the Russian