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ARTICLE · 11 APRIL 2022

U.S. Treasury Announced New Sanctions Targeting Russian Financial System

Guleryuz Partners
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After the Russian Federation had launched a military operation against Ukraine; the U.S., the EU, the UK, and a number of other countries began imposing broad economic sanctions against Russia.

United StatesInternational Law
Zahide Altunbaş Sancak
Zahide Altunbaş Sancak
Yavuz Selim Günay
Yavuz Selim Günay
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After the Russian Federation had launched a military operation against Ukraine; the U.S., the EU, the UK, and a number of other countries began imposing broad economic sanctions against Russia. Those imposed by the United States are among the most economically effective sanctions.

Executive Order 14024 of U.S. which constitutes legal basis for new sanctions against Russian Federation was signed by Joe Biden on April 15, 2021. On the same day, U.S. Department of the Treasury's Office of Foreign Assets Control ["OFAC"] released Directive 1 on blocking property with respect to certain harmful foreign activities of the Russian government. Directive 1 is superseded by Directive 1A called "Prohibitions Related to Certain Sovereign Debt of the Russian Federation" on 22 February 2022, right after the Russia's decision to recognize 2 de facto republics which have declared independence in 2014. Then, Russia launched military invasion of Ukraine. In reply to this, United

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