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ARTICLE · 31 JULY 2023

Russia Sanctions Update - July 27, 2023

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On July 20, 2023, the Department of Treasury's Office of Foreign Asset Control ("OFAC") designated additional entities in order to further disrupt Russian...

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

  • U.S. augments current sanctions on Russia by designating additional entities that help facilitate Russia's war against Ukraine, including Russian defense, high-technology, chemical, and mining companies, as well as five Russian financial institutions.
  • OFAC issued General Licenses No. 70 and 71 to authorize the wind-down and rejection of certain transactions involving some of the newly-sanctioned entities.

On July 20, 2023, the Department of Treasury's Office of Foreign Asset Control ("OFAC") designated additional entities in order to further disrupt Russian access to military supplies and deprive the Russian government of revenue to fund the war.

OFAC designated Russian entities that directly aid Russia's war against Ukraine. These entities manufacture goods for the defense and material sector, operate in key industries (such as aerospace, quantum technologies, and advanced computing), or conduct research and development related to

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