Russia Sanctions

Crimea Sanctions

Swedbank Latvia Settlement: Sanctions Compliance Lessons

OFAC - Swedbank Latvia Settlement Settlement Highlights Importance of Integrating Geolocation and Know Your Customer Data Hdeel Abdelhady | June 23, 2023 | PDF The recent settlement between the Office of Foreign Assets Control (OFAC) and Swedbank Latvia for apparent violations…

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Russia Sanctions in Response to Invasion of Ukraine

The United States and its allies have unleashed a barrage of sanctions on Russia, in response to the invasion of Ukraine. Here, we discuss some of the blocking and non-blocking sanctions imposed on VTB, VEB, the Russian Direct Investment Fund, and Russia's Central bank.
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U.S. Sanctions on Nord Stream 2 and TurkStream Pipeline Projects (PEESA)

On December 20, 2019, the President signed into law the National Defense Authorization Act for Fiscal Year 2020 (NDAA), which authorizes the President to impose sanctions on foreign persons that knowingly sell, lease, or provide vessels for the construction of the Nord Stream 2 or TurkStream pipeline projects. The policies advanced by the NDAA are consistent with prior U.S. policy and legislation, particularly the Countering America’s Adversaries Through Sanctions Act. This MassPoint publication discusses PEESA’s policies, sanctions mechanics, the relationship between PEESA and CAATSA, and key takeaways.
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Russia Sectoral Sanctions Directives Apply to Trade-Based Debt: Analysis

The Haverly case is instructive as it clarifies OFAC’s position, with respect to Haverly and likely more broadly, as to the meaning of “debt” under Directive 2, which prohibits, by U.S. persons and within the United States, dealings in “new debt” issued by parties that are listed on the OFAC-maintained Sectoral Sanctions Identifications List (SSIL) or not so listed but are owned 50% or more by one or more sanctioned parties.
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OFAC DIRECTIVE 1 AS AMENDED SEPTEMBER 29, 2017

As required by the Countering Russian Influence in Europe and Eurasia Act of 2017 (CRIEEA), the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) on September 29, 2017 amended and reissued OFAC Directive 1 (Directive 1). As amended, Directive 1 continues to prohibit certain “new” debt, equity, and related transactions involving entities subject to U.S. Sectoral Sanctions targeting Russia’s financial services sector. This Business Update discusses the background to and mechanics of Directive 1 as amended and reissued.
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OFAC Directive 1 “New” Financing, Debt, Equity: Explainer

OFAC Directive 1 Explainer: “New” Financing, Debt, Equity In light of the July 30, 2015 addition to the U.S. Sectoral Sanctions list of the Russian Direct Investment Fund and other Russian financial services sector actors, key definitions and mechanics of OFAC's…

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OFAC Directive 1: Financing, Debt & Equity Prohibitions

On July 30, 2015, the Office of Foreign Assets Control (OFAC) made explicit the sanctioned status of certain entities operating in Russia’s financial services sector by adding them to the Sectoral Sanctions Identifications List (SSIL).The SSIL identifies parties subject to U.S. Sanctions targeting specific sectors of the Russian economy (Sectoral Sanctions) within the framework of Ukraine/Russia-related sanctions adopted in response to events in Ukraine. Currently Russia’s financial services, defense, and energy sectors are targeted. Nevertheless, they may encounter legal, commercial, or reputational risk in the context of current or planned business with or involving a sanctioned entity, whether listed on the SSIL (or another sanctions list) or sanctioned as a matter of law (such as under the 50% Rule).
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