Russia and Belarus sanctions update - September 2022

Over the past few weeks, the Office of Foreign Assets Control (OFAC) of the US Department of the Treasury ramped up sanctions pressure against Russia with the announcement of a new ban on certain services in seaborne Russian oil and product shipments globally, along with other actions. Specifically, OFAC:

..issued various Russia-related General Licenses and FAQs related to pension payments to US persons, journalistic activities and recent sanctions designations;

..published preliminary guidance on the anticipated implementation of a ban on the provision of “maritime services” and related financial assistance for shipments of seaborne Russian oil except sold above a yet-to-be-announced price cap; and

..issued a Determination Pursuant to Section 1(a)(i) of EO 14024 and a Determination Pursuant to section 1(a)(ii) of EO 14071 extending OFAC sanctions to the quantum computing sector of the Russian economy.

Please see full Publication below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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