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US Government Imposes New Sanctions on Russia, Designates Several Russian Technology Companies and Other Persons, Bans US Financial Institutions from Dealing in Ruble-denominated Russian Sovereign Debt, and Issues Updated Guidance and FAQs on PEESA and on US Arms Embargo on Russia

By , and 8 Mins Read

In the past several days, the US Government has issued a slew of sanctions measures targeting Russia. These represent the first major escalation of sanctions against Russia under the Biden Administration and, according to a White House Fact Sheet , are stated to be in response to Russia’s “harmful foreign activities,” including efforts to undermine free and fair democratic elections and institutions, malicious cyber activities (including the recent SolarWinds incident), transnational corruption, targeting of dissidents…

Recent Designation of Russian Federal Security Service under Executive Order 13382 Creates Disclosure Issues for Certain Issuers in the United States

By 3 Mins Read

Under the Russian encryption regulations, notification to, or registration with, the Russian Federal Security Service (the “FSB”) is required in order to import and distribute foreign products (hardware and software) with encryption functions or features in the Russian Federation. Although the FSB is a sanctioned party, listed on the Office of Foreign Assets Control (“OFAC”) list of specially designated nationals and blocked persons (the “OFAC SDN List”) pursuant to the Cyber-Related Sanctions Regulations, 31 C.F.R.…

Biden Administration Revokes International Criminal Court Sanctions

By , and 1 Min Read

On April 1, 2021, President Biden revoked Executive Order 13928 “Blocking Property of Certain Persons Associated with the International Criminal Court” (the “ICC EO”), which authorized the imposition of sanctions and visa restrictions on non-US ICC officials. The US Treasury Department’s Office of Foreign Assets Control concurrently removed two senior ICC officials from the Specially Designated Nationals and Blocked Persons List (“SDN List”), including Fatou Bensouda, the ICC’s chief prosecutor. The ICC EO was signed…

Biden Administration Removes Ansarallah from the SDN List and Revokes Its Designation as a Foreign Terrorist Organization

By , and 2 Mins Read

On February 16, 2021, the US Treasury Department’s Office of Foreign Assets Control (“OFAC”) removed Ansarallah, a political movement and militia group in Yemen also known as the Houthis, from the Specially Designated Nationals and Blocked Persons List (“SDN List”). Ansarallah had been added to the SDN List on January 19, 2021, as a Foreign Terrorist Organization (“FTO”) and Specially Designated Global Terrorist (“SDGT”). As a result of the removal, US Persons no longer require…

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