CLIENT ALERT: OFAC ISSUES ADDITIONAL COMPREHENSIVE SANCTIONS AGAINST RUSSIA
February 25, 2022
On February 24, 2022, OFAC issued additional sanctions against various Russian entities in response to the continuing crisis in Ukraine. These sanctions are comprehensive and consist of the following targeted measures:
- Economic sanctions targeting Public Joint Stock Company Sberbank of Russia (“Sberbank”) and VTB Bank Public Joint Stock Company (“VTB Bank”), Russia’s two largest financial institutions.
- Blocking sanctions pursuant to Executive Order 14024 (“E.O. 14024”) against other major Russian financial institutions.
- Debt and equity prohibitions against major Russian state-owned and private entities pursuant to Directive 3 of E.O. 14024.
- Blocking sanctions pursuant to E.O. 14024 against families close to Putin and Russian financial sector elites.
To Read the full Client Alert, click HERE.