Notice2021-14339
Publication of Russian Harmful Foreign Activities Directive 1
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
July 7, 2021
Effective
June 14, 2021
Issuing agencies
Treasury DepartmentForeign Assets Control Office
Abstract
The Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing a Russian Harmful Foreign Activities Sanctions Directive in the Federal Register. The Directive was previously issued on OFAC's website.
Full Text
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<title>Federal Register, Volume 86 Issue 127 (Wednesday, July 7, 2021)</title>
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[Federal Register Volume 86, Number 127 (Wednesday, July 7, 2021)]
[Notices]
[Pages 35867-35868]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-14339]
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DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control
Publication of Russian Harmful Foreign Activities Directive 1
AGENCY: Office of Foreign Assets Control, Treasury.
ACTION: Publication of directive.
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SUMMARY: The Department of the Treasury's Office of Foreign Assets
Control (OFAC) is publishing a Russian Harmful Foreign Activities
Sanctions Directive in the Federal Register. The Directive was
previously issued on OFAC's website.
DATES: Directive 1 was issued on April 15, 2021 and the prohibitions
therein take effect on June 14, 2021.
FOR FURTHER INFORMATION CONTACT: OFAC: Assistant Director for
Licensing, 202-622-2480; Assistant Director for Regulatory Affairs,
202-622-4855; or Assistant Director for Sanctions Compliance &
Evaluation, 202-622-2490.
SUPPLEMENTARY INFORMATION:
Electronic Availability
This document and additional information concerning OFAC are
available on OFAC's website <a href="http://www.treasury.gov/ofac">www.treasury.gov/ofac</a>.
Background
On April 15, 2021, the President, invoking the authority of, inter
alia, the International Emergency Economic Powers Act (50 U.S.C. 1701-
1706) (IEEPA), issued Executive Order (E.O.) 14024 (86 FR 20249, April
19, 2021).
In E.O. 14024, the President found that specified harmful foreign
activities of the Government of the Russian Federation--in particular,
efforts to undermine the conduct of free and fair democratic elections
and democratic institutions in the United States and its allies and
partners; to engage in and facilitate malicious cyber-enabled
activities against the United States and its allies and partners; to
foster and use transnational corruption to influence foreign
governments; to pursue extraterritorial activities targeting dissidents
or journalists; to undermine security in countries and regions
important to United States national security; and to violate well-
established principles of international law, including respect for the
territorial integrity of states--constitute an unusual and
extraordinary threat to the national security, foreign policy, and
economy of the United States and declared a national emergency to deal
with that threat.
Also on April 15, 2021, the Acting Director of OFAC issued
Directive 1 under E.O. 14024, wherein the Acting Director of OFAC, in
consultation with the Department of State, determined that the Central
Bank of the Russian Federation, the National Wealth Fund of the Russian
Federation, and the Ministry of Finance of the Russian Federation are
political subdivisions, agencies, or instrumentalities of the
Government of the Russian Federation, and that certain activities by
U.S. financial institutions that are specified in Directive 1 involving
such entities are prohibited as of June 14, 2021. The text of Directive
1 under E.O. 14024 is provided below.
Office of Foreign Assets Control
Directive 1 Under Executive Order of April 15, 2021
Blocking Property With Respect to Specified Harmful Foreign Activities
of the Government of the Russian Federation
Pursuant to sections 1(a)(iv), 1(d), and 8 of Executive Order of
April 15, 2021, ``Blocking Property with Respect to Specified Harmful
Foreign Activities of the Government of the Russian Federation'' (the
``Order''), the Acting Director of the Office of Foreign Assets Control
has determined, in consultation with the Department of State, that the
Central Bank of the Russian Federation, the National Wealth Fund of the
Russian Federation, and the Ministry of Finance of the Russian
Federation are political subdivisions, agencies, or instrumentalities
of the Government of the Russian Federation, and that the following
activities by a U.S. financial institution are prohibited as of June
14, 2021, except to the extent provided by law or unless licensed or
otherwise authorized by the Office of Foreign Assets Control:
(1) Participation in the primary market for ruble or non-ruble
denominated bonds issued after June 14, 2021 by the Central Bank of the
Russian Federation, the National Wealth Fund of the Russian Federation,
or the Ministry of Finance of the Russian Federation; and
(2) lending ruble or non-ruble denominated funds to the Central
Bank of the Russian Federation, the National Wealth Fund of the Russian
Federation, or the Ministry of Finance of the Russian Federation.
For purposes of this Directive, the term ``U.S. financial
institution'' means any U.S. entity (including its foreign branches)
that is engaged in the business of accepting deposits, making,
granting, transferring, holding, or brokering loans or other extensions
of credit, or purchasing or selling foreign exchange, securities,
commodity futures or options, or procuring purchasers and sellers
thereof, as principal or agent. The term includes depository
institutions, banks, savings banks, trust companies, securities brokers
and dealers, futures and options brokers and dealers, forward contract
and foreign exchange merchants, securities and commodities exchanges,
clearing corporations, investment companies, employee benefit plans,
and U.S. holding companies, U.S. affiliates, or U.S. subsidiaries of
any of the foregoing. This term includes those branches, offices, and
agencies of foreign financial institutions that are located in the
United States, but not such institutions' foreign branches, offices, or
agencies.
All other activities with the Central Bank of the Russian
Federation, the National Wealth Fund of the Russian Federation, or the
Ministry of Finance of the Russian Federation, or involving their
property or interests in property are permitted, provided such
activities are not otherwise prohibited pursuant to
[[Page 35868]]
the Order, or any other sanctions program implemented by the Office of
Foreign Assets Control.
Except to the extent otherwise provided by law or unless licensed
or otherwise authorized by the Office of Foreign Assets Control, the
following are also prohibited: (1) Any transaction that evades or
avoids, has the purpose of evading or avoiding, causes a violation of,
or attempts to violate any of the prohibitions contained in this
Directive; and (2) any conspiracy formed to violate any of the
prohibitions in this Directive. April 15, 2021.
Dated: June 30, 2021.
Bradley T. Smith,
Acting Director, Office of Foreign Assets Control.
[FR Doc. 2021-14339 Filed 7-6-21; 8:45 am]
BILLING CODE 4810-AL-P
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</html>Indexed from Federal Register on July 7, 2021.
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