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US Treasury Department Strengthens Sanctions Against Russia’s Harmful Foreign Activities

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The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has published several new regulations and licenses related to Russia’s harmful foreign activities, further strengthening economic sanctions against Moscow.

Updates to Russian Harmful Foreign Activities Sanctions Regulations

In a series of notices published in the Federal Register, OFAC announced updates to its Russian Harmful Foreign Activities Sanctions Regulations aimed at disrupting Russia’s ability to conduct malicious activities around the world.

New General Licenses and Expanded Scope

One notice published on October 23, 2023 (FR 36645-23) introduced new general licenses for certain transactions related to Russia’s harmful foreign activities. Another notice published on September 27, 2023 (FR 25279-23) updated existing general licenses and expanded their scope.

Determinations Regarding Specific Transactions or Entities

In addition, OFAC published several determinations regarding specific transactions or entities deemed to be involved in Russia’s harmful foreign activities. These determinations impose strict sanctions on individuals and entities that engage in such activities, including the importation of gold from Russia (FR 55279-22).

New General Licenses for Various Sectors

The updates also include new general licenses for various sectors, including:

Financial services (FR 11297-22)
Energy (FR 79803-22)
Others

These licenses outline specific exemptions to the sanctions, allowing certain transactions to proceed while still enforcing the overall ban on Russian harmful foreign activities.

Treasury Department’s Commitment to Holding Russia Accountable

“These updated regulations demonstrate our commitment to holding Russia accountable for its aggressive actions around the world,” said a Treasury Department spokesperson. “We will continue to work tirelessly to disrupt Russia’s malicious activities and protect American interests.”

History of Sanctions Against Russia

The Russian Harmful Foreign Activities Sanctions Regulations were first introduced in response to Russia’s annexation of Crimea in 2014. Since then, the sanctions have been expanded multiple times to address various Russian actions deemed harmful to U.S. national security and foreign policy.

Full List of Notices:

FR 36645-23 (Oct 23, 2023): Publication of Russian Harmful Foreign Activities Sanctions Regulations Web General Licenses
FR 25279-23 (Sep 27, 2023): Publication of Russian Harmful Foreign Activities Sanctions Regulations Web General Licenses
…and many more.

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