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ARTICLE · 14 JUNE 2024

OFAC Tightens Russia Sanctions; BIS Cracks Down On Diversion

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On June 12, 2024, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) announced new measures targeting Russia's financial infrastructure, including...

GlobalInternational Law
Julien Blanquart
Julien Blanquart
Reid Whitten
Reid Whitten
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On June 12, 2024, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) announced new measures targeting Russia's financial infrastructure, including:

  1. Expanding the scope of financial sanctions: Extending prohibitions to include information technology (IT) consultancy, design services, and IT support services for enterprise management and design/manufacturing software, effective September 12, 2024, under the authority of Executive Order 14071 (See Determination)
  2. General Licenses: New or renewed general licenses, authorizing certain transactions, as follows:
    • Transactions involving agricultural commodities and medical items (GL No. 6D)
    • Energy-related transactions (GL No. 8J)

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