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ARTICLE · 12 APRIL 2022

Russia Sanctions Update – April 11, 2022

Foley Hoag LLP
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U.S. sanctions major Russian state-owned enterprises Alrosa (diamonds) and United Shipbuilding Corporation (defense sector)

GlobalInternational Law
Luciano Racco
Luciano Racco
Shrutih Tewarie
Shrutih Tewarie
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Key Takeaways:

  • U.S. sanctions major Russian state-owned enterprises Alrosa (diamonds) and United Shipbuilding Corporation (defense sector)
  • OFAC publishes new Russia-related general licenses, including a license authorizing certain transactions related to telecommunications
  • "Fifth Wave" EU sanctions package restricts trade with Russia and imposes sanctions on 217 individuals and 18 entities 

I. U.S. Actions

Following increased sanctions on Russian banks and a new Executive Order banning investment in the Russian Federation (reported by Foley Hoag here), on April 7, 2022, the U.S. sanctioned two major Russian state-owned enterprises:  Public Joint Stock Company Alrosa ("Alrosa") and United Shipbuilding Corporation ("USC"). The U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC") added Alrosa and USC to the Specially Designated Nationals and Blocked Persons List ("SDN List") pursuant to Executive Order ("EO") 14024. SDN List

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