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US Sanctions Target Russia’s Harmful Foreign Activities

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has published a series of regulations and determinations aimed at curtailing Russia’s harmful foreign activities.

According to the publications, OFAC has imposed sanctions on various Russian entities and individuals in response to their involvement in malicious cyber activities, election interference, and human rights violations. The sanctions aim to disrupt Russia’s ability to conduct these illicit activities and hold those responsible accountable for their actions.

Recent Developments

  • Publication of Web General Licenses 6988, FR 36645-23, which authorizes certain transactions related to foreign exchange transactions involving Russian Federation-origin crude oil.
  • Determination FR 34748-23, which prohibits the importation into the US of gold of Russian Federation origin.
  • Web General Licenses 62, 63, 64, and 6588 FR 16889-23, which authorize certain transactions related to foreign exchange transactions involving Russian Federation-origin crude oil.

Other recent publications include:

  • Determinations FR 13316-23 and FR 9752-23, which impose sanctions on various Russian entities and individuals.
  • Web General Licenses 56A and 57A88 FR 9752-23, which authorize certain transactions related to foreign exchange transactions involving Russian Federation-origin crude oil.

Background

Russia’s interference in foreign elections and malicious cyber activities have been a major concern for the US government in recent years. In response, President Biden signed Executive Order 14024 in April 2021, which authorized the Secretary of the Treasury to impose sanctions on individuals and entities involved in these illicit activities.

The Russian Harmful Foreign Activities Sanctions Regulations (RFASR) were first published in September 2021, and have since been updated numerous times. The regulations aim to disrupt Russia’s ability to conduct harmful foreign activities by imposing various sanctions and restrictions on US persons and entities.

Impact

The latest publications are likely to have significant consequences for Russian entities and individuals involved in harmful foreign activities. The sanctions may limit their access to the US financial system, restrict their ability to engage in international trade, and impose other penalties.

The OFAC regulations also aim to protect US national security and foreign policy interests by disrupting Russia’s ability to conduct malicious cyber activities and interfere in foreign elections.

Next Steps

The US government is likely to continue to monitor Russia’s harmful foreign activities and impose sanctions as necessary. The latest publications are a key part of this ongoing effort, and may be followed by further updates in the coming months.

For more information on the Russian Harmful Foreign Activities Sanctions Regulations and related determinations, please visit the OFAC website.