US Issues New Russia Sanctions, General Licenses
The Office of Foreign Assets Control issued a new round of sanctions targeting Kremlin-connected elites and businesses that generate "substantial revenue for the Russian regime, OFAC said in an Aug. 2 news release. Thirteen individuals, 36 entities and two vessels were added to OFAC's Speacially Designated Nationals List.
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The State Department also issued sanctions on entities and individuals, as well as visa restrictions for 893 Russian officials, including members of the Federation Council and members of Russia’s military.
Along with the sanctions, OFAC issued three new Russia-related general licenses and updated two others.
GL 47 allows, through 12:01 a.m. EDT Sept. 1, transactions necessary to the wind down of financial relations with the Skolkovo Foundation, the Skolkovo Institute of Technology, Technopark Skolkovo, Federal State Institution of Higher Vocational Education Moscow Institute of Physics and Technology, the Publichnoe Aktsionernoe Obschestvo Magnitogorskiy Metallurgicheskiy Kombinat, or Government Transport Co.
GL 48 allows, through 12:01 a.m. EDT Oct. 3, transactions necessary divestment of debt or equity of Publichnoe Aktsionernoe Obschestvo Magnitogorskiy Metallurgicheskiy Kombinat or Government Transport Co. purchased before Aug. 2.
GL 49 allows, through 12:01 a.m. EST Jan. 31, 2023, transactions necessary to the wind down of any transaction involving MMK Metalurji Sanayi Ticaret Ve Liman Isletmeciligi Anonim Sirketi, or any entity in which MMK Metalurji owns a 50% or greater interest.
GL 40A replaced GL 40, effective Aug. 2, and allows transactions related to ensuring the safety of civil aviation involving blocked entities provided the aircraft is registered outside of Russia and the items are solely used to civilian purposes.
GL 43A replaced GL 43, effective Aug. 2, and allows transactions necessary for divestment of debt or equity of Severstal or Nord Gold, purchased prior to June 2, to a non-U.S. person, through 12:01 a.m. EDT Aug. 31.
OFAC updated its frequently asked questions to clarify portions of the licenses.
FAQ 1073 explains that Sheremetyevo International Airport is not blocked as a result of the designation of Alexander Anatolevich Ponomarenko.
FAQ 1074 explains that EuroChem Group AG is not blocked as a result of the designation of Andrey Igorevich Melnichenko.
FAQ 1075 explains that PhosAgro PJSC is not blocked as a result of the designation of Andrey Grigoryevich Guryev and Andrey Andreevich Guryev.