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.