CLIENT ALERT: OFAC TARGETS MARINE SECTOR IN LATEST RUSSIA DETERMINATION

On March 31, 2022, the Office of Foreign Assets Control (“OFAC”) issued a “Determination Pursuant to Section 1(a)(i) of Executive Order 14024.” This Determination permits the Department of Treasury, in conjunction with the Secretary of State, to sanction any person who operates in the electronic, aerospace and marine sectors of the Russian economy .

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