On June 27, 2022, President Biden and the other G7 leaders issued a statement on support for Ukraine (“G7 Statement”), in which they vowed to sustain and intensify their coordinated sanctions measures in response to Russia’s war of aggression. The corresponding White House Announcement outlines the actions the Biden Administration planned to take in coordination with the G7, including additional sanctions measures. The following day, the US Treasury Department’s Office of Foreign Assets Control (“OFAC”)…
On June 14, 2022, the US Department of the Treasury’s Office of Foreign Assets Controls (“OFAC”) reissued Russia-related General License 8C, “Authorizing Transactions Related to Energy.” OFAC also amended several Frequently Asked Questions (“FAQs”) related to this reissued General License. The scope of the General License did not change since the previous reissuance; however, transactions “related to energy” with the list of entities listed in the General License are now authorized through 12:01 a.m. eastern…
On June 9, 2022, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued eleven new Frequently Asked Questions (“FAQs”) (FAQs 1058 – 1068) to provide further guidance on the prohibition on the export of certain services pursuant to Section (1)(a)(ii) of Executive Order (“EO”) 14071 and the Determination Pursuant to Section 1(a)(ii) of Executive Order 14071 (“OFAC Service Ban”). As detailed in our previous blog post here, the OFAC Service Ban applies to certain…
On June 6, 2022, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) published new and amended Frequently Asked Questions (“FAQs “) regarding the Russian investment ban imposed under Executive Orders 14066, 14068, and 14071 (collectively, the “Investment Ban EOs”). Our prior blog posts on these Investment Ban EOs can be found here and here. These new and amended FAQs define the term “new investment” used in the Investment Ban EOs and…