Office of foreign Assets Control reinforcing Global Sanctions: Strengthening Measures Against Russia's War on Ukraine

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The U.S. Department of the Treasury, in conjunction with the G7 and other international partners, issued a press release on May 19, 2023 announcing the reinforcement of the unprecedented global sanctions and restrictive economic measures aimed at further debilitating Russia's capacity for waging war against Ukraine.

In response to Russia's war and as part of the commitments made at the G7 Leaders' Summit, the Office of Foreign Assets Control (OFAC) under the U.S. Department of the Treasury has taken decisive action. OFAC has implemented stringent sanctions targeting 22 individuals and 104 entities, which have affiliations or operations spanning across more than 20 countries and jurisdictions. These measures hold Russia accountable for its actions and send a clear message of condemnation on behalf of the international community.

These measures are targeted at individuals and entities who try to evade or bypass sanctions and other economic restrictions imposed upon Russia. They focus on identifying the channels through which Russia acquires critical technology, its future energy extraction capabilities, and its financial services sector.

Moreover, the Office of Foreign Assets Control (OFAC) is broadening its authority to impose sanctions on new sectors of Russia's economy and cut off Russia's access to additional resources. The U.S. Department of State has also designated and identified nearly 200 individuals, entities, vessels, and aircraft as blocked property. In addition, the U.S. Department of Commerce is significantly expanding the geographical scope and categories covered by its export controls. It has also added 71 entities to its Entity List, which aims to prevent Russia from obtaining goods required for military purposes.

Due to the observed non-compliance of numerous individuals and entities with the established rules, particularly during the Russian war, there is a growing need to effectively manage an expanding and dynamic list of Restricted Parties. Failing to comply with these Restricted Party lists can lead to serious consequences and potentially harm businesses. Therefore, it’s crucial to prioritize compliance and ensure that businesses stay updated with the latest Restricted Party lists to avoid penalties and business ramifications. This not only saves time but also mitigates the risks of human error and oversight.

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