The Russia Critical Items Determination issued pursuant to subsection 11(a)(ii) of E.O. 14024 identifies certain items that support Russia’s military-industrial base. Foreign financial institutions (FFIs) may be sanctioned for having conducted or facilitated any significant transaction or… Read more
OFAC expects to promulgate regulations that define or interpret these terms as follows: Foreign Financial Institution : As defined in subsection 11(f) of E.O. 14024 , foreign financial institution means any foreign entity that is engaged in the business of accepting deposits, making, granting,… Read more
FFIs may be sanctioned for engaging in certain transactions involving Russia’s military-industrial base. For example, FFIs may be sanctioned for processing any significant transaction(s) for persons that have been designated for operating or having operated in the technology, defense and related… Read more
E.O. 14114 amends E.O. 14024 to authorize the imposition of sanctions on foreign financial institutions (FFIs) that have engaged in certain transactions involving Russia’s military-industrial base. Specifically, section 11 of E.O. 14024, as amended, authorizes sanctions on FFIs that have (i)… Read more
Individuals and entities may import the listed types of seafood, for a limited time, into the United States subject to the conditions of General License (GL) 83 . GL 83 authorizes the importation into the United States, through 12:01 a.m. eastern standard time, February 21, 2024, of salmon, cod,… Read more
Pursuant to subsection 11(b) of E.O. 14024 , as amended, OFAC may block FFIs or prohibit the opening or prohibit or impose strict conditions on the maintenance of correspondent accounts or payable-through accounts in the United States for such FFIs. For FFIs for which the opening or maintaining of… Read more
The Seafood Determination issued pursuant to subsection 1(a)(i)(B) of E.O. 14068 , as amended, prohibits the importation and entry into the United States, including importation for admission into a foreign trade zone located in the United States, of salmon, cod, pollock, or crab that was produced… Read more
E.O. 14114 amends E.O. 14024 and E.O. 14068 to further address the Russian Federation’s continued use of its military-industrial base to aid its effort to undermine security in countries and regions important to United States national security and to further counteract the Russian Federation’s… Read more
Pursuant to Executive Order (E.O.) 14024 , as amended by E.O. 14114 , foreign financial institutions (FFIs) may be sanctioned for having conducted or facilitated any significant transaction or transactions with persons designated for operating or having operated in certain identified sectors of the… Read more
Yes. The prohibitions and targeting authorities of amended section 11 of E.O. 14024 apply with respect to any currency. For example, an FFI that processes any significant transaction(s) denominated in a non-USD local currency on behalf of a customer that exports critical items to Russia's… Read more