Rule2022-11608
Publication of Financial Services Sectoral Determination and Directives 1A, 2, 3, and 4 Under Executive Order 14024 of April 15, 2021
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
May 31, 2022
Effective
February 22, 2022
Issuing agencies
Treasury DepartmentForeign Assets Control Office
Abstract
The Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing a sectoral determination by the Secretary of the Treasury, in consultation with the Secretary of State, and four Russian Harmful Foreign Activities Sanctions directives in the Federal Register. The determination and four directives, all issued pursuant to an April 15, 2021 Executive Order, were previously issued on OFAC's website.
Full Text
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<title>Federal Register, Volume 87 Issue 104 (Tuesday, May 31, 2022)</title>
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[Federal Register Volume 87, Number 104 (Tuesday, May 31, 2022)]
[Rules and Regulations]
[Pages 32303-32307]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-11608]
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DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control
31 CFR Part 587
Publication of Financial Services Sectoral Determination and
Directives 1A, 2, 3, and 4 Under Executive Order 14024 of April 15,
2021
AGENCY: Office of Foreign Assets Control, Treasury.
ACTION: Publication of one determination and four directives.
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SUMMARY: The Department of the Treasury's Office of Foreign Assets
Control (OFAC) is publishing a sectoral determination by the Secretary
of the Treasury, in consultation with the Secretary of State, and four
Russian Harmful Foreign Activities Sanctions directives in the Federal
Register. The determination and four directives, all issued pursuant to
an April 15, 2021 Executive Order, were previously issued on OFAC's
website.
DATES: The Determination Pursuant to Section 1(a)(i) of Executive Order
14024 was issued on February 22, 2022 and took effect immediately.
Directive 1A under Executive Order (E.O.) 14024, ``Prohibitions Related
to Certain Sovereign Debt of the Russian Federation,'' was issued on
February 22, 2022, and the prohibitions therein took effect on March 1,
2022. Directive 2 under E.O. 14024, ``Prohibitions Related to
Correspondent or Payable-Through Accounts and Processing of
Transactions Involving Certain Foreign Financial Institutions,'' was
issued on February 24, 2022, and the prohibitions therein took effect
on March 26, 2022. Directive 3 under E.O. 14024, ``Prohibitions Related
to New Debt and Equity of Certain Russia-related Entities,'' was issued
on February 24, 2022 and the prohibitions therein took effect on March
26, 2022. Directive 4, ``Prohibitions Related to Transactions Involving
the Central Bank of the Russian Federation, the National Wealth Fund of
the Russian Federation, and the Ministry of Finance of the Russian
Federation,'' was issued on February 28, 2022 and took effect
immediately.
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.treas.gov/ofac">www.treas.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
et seq.), 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.
Among other things, section 1 of E.O. 14024 blocks all property and
interests in property that are in the United States, that hereafter
come within the United States, or that are or hereafter come within the
possession or control of any United States person of any person
determined by the Secretary of the Treasury, in consultation with the
Secretary of State, to operate or have operated in the technology
sector or the defense and related materiel sector of the Russian
Federation economy, or any other sector of the Russian Federation
economy as may be determined by the Secretary of the Treasury, in
consultation with the Secretary of State.
On February 22, 2022, the Secretary of the Treasury, in
consultation with the Secretary of State, determined that section
1(a)(i) of E.O. 14024 shall apply to the financial services sector of
the Russian Federation economy (``February 22, 2022 Determination
Pursuant to Section 1(a)(i) of Executive Order 14024''). Pursuant to
this determination, any person that the Secretary of Treasury, in
consultation with the Secretary of State, or the Secretary of State, in
consultation with the Secretary of the Treasury (or their respective
designees), subsequently determines operates or has operated in the
financial services sector of the Russian Federation economy shall be
subject to the prohibitions described in section 1(a)(i) of E.O. 14024.
On February 22, 2022, the Director of OFAC issued Directive 1A
under E.O. 14024, ``Prohibitions Related to Certain Sovereign Debt of
the Russian Federation'' (Russia-related Sovereign Debt Directive),
replacing and superseding Directive 1 under E.O. 14024 of April 15,
2021 (86 FR 35867, July 7, 2021), to extend existing sovereign debt
prohibitions to cover participation in the secondary market for bonds
issued after March 1, 2022 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, effective March 1, 2022.
On February 24, 2022, the Director of OFAC issued Directive 2 under
E.O. 14024, ``Prohibitions Related to Correspondent or Payable-Through
Accounts and Processing of Transactions Involving Certain Foreign
Financial Institutions'' (Russia-related CAPTA Directive), which
prohibits U.S. financial institutions from: (i) The opening or
maintaining of a correspondent account or payable-through account for
or on behalf of foreign financial institutions determined to be subject
to the prohibitions of the Russia-related CAPTA Directive; and (ii) the
processing of transactions involving foreign financial institutions
determined to be subject to the prohibitions of the Russia-related
CAPTA Directive. The effective date of these prohibitions with
[[Page 32304]]
respect to the entities listed in Annex 1 to the Russia-related CAPTA
Directive, or foreign financial institutions that are 50 percent or
more owned, directly or indirectly, individually or in the aggregate,
by one or more such entities, is March 26, 2022; for other entities
determined to be subject to the Russia-related CAPTA Directive, or
foreign financial institutions that are 50 percent or more owned,
directly or indirectly, individually or in the aggregate, by one or
more such entities, these prohibitions take effect at 12:01 a.m.
eastern time on the date that is 30 days after the date of such
determination.
Additionally, on February 24, 2022, the Director of OFAC issued
Directive 3 under E.O. 14024, ``Prohibitions Related to New Debt and
Equity of Certain Russia-related Entities'' (Russia-related Entities
Directive), to prohibit all transactions in, provision of financing
for, and other dealings in new debt of longer than 14 days maturity or
new equity where such new debt or new equity was issued on or after
12:01 a.m. eastern daylight time, March 26, 2022 by the entities listed
in Annex 1 to that directive, or their property or interests in
property. These same prohibitions also apply to any entity subsequently
determined to be subject to the prohibitions of the Russia-related
Entities Directive, or its property or interests in property, beginning
on or after 12:01 a.m. eastern time on the date that is 30 days after
the date of such determination.
On February 28, 2022, the Director of OFAC issued Directive 4 under
E.O. 14024, ``Prohibitions Related to Transactions Involving the
Central Bank of the Russian Federation, the National Wealth Fund of the
Russian Federation, and the Ministry of Finance of the Russian
Federation'' (Russia-related Sovereign Transactions Directive), which
prohibits U.S. persons from engaging in any transaction involving the
Central Bank of the Russian Federation, the National Wealth Fund of the
Russian Federation, or the Ministry of Finance of the Russian
Federation, including any transfer of assets to such entities or any
foreign exchange transaction for or on behalf of such entities.
The texts of the February 22, 2022 Determination Pursuant to
Section 1(a)(i) of E.O. 14024, the Russia-related Sovereign Debt
Directive, the Russia-related CAPTA Directive, the Russia-related
Entities Directive, and the Russia-related Sovereign Transactions
Directive are below.
Determination Pursuant to Section 1(a)(i) of Executive Order 14024
Section 1(a) of Executive Order (E.O.) 14024 of April 15, 2021
(``Blocking Property With Respect To Specified Harmful Foreign
Activities of the Government of the Russian Federation'') imposes
economic sanctions on any person determined by the Secretary of the
Treasury, in consultation with the Secretary of State, or the Secretary
of State, in consultation with the Secretary of the Treasury, to
operate or have operated in such sectors of the Russian Federation
economy as may be determined, pursuant to section 1(a)(i) of E.O.
14024, by the Secretary of the Treasury, in consultation with the
Secretary of State.
To further address the unusual and extraordinary threat to the
national security, foreign policy, and economy of the United States
described in E.O. 14024, and in consultation with the Secretary of
State, I hereby determine that section 1(a)(i) shall apply to the
financial services sector of the Russian Federation economy. Any person
that I or my designee, in consultation with the Secretary of State or
the Secretary of State's designee, or the Secretary of State or the
Secretary of State's designee, in consultation with me or my designee,
subsequently determine operates or has operated in such sector shall be
subject to sanctions pursuant to section 1(a)(i).
This determination shall take effect upon publication by the
Director of the Office of Foreign Assets Control on the Department of
Treasury's website.
Janet L. Yellen
Office of Foreign Assets Control
Directive 1A <SUP>1</SUP> Under Executive Order 14024
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\1\ A prior version of this Directive, which was issued on April
15, 2021 and which is replaced and superseded by this version,
prohibited the same activities with respect to participation in the
primary market for ruble or non-ruble denominated bonds issued after
June 14, 2021 by the entities determined to be subject to the
Directive, and with respect to lending ruble or non-ruble
denominated funds to the entities determined to be subject to the
Directive.
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Prohibitions Related to Certain Sovereign Debt of the Russian
Federation
Pursuant to sections 1(a)(iv), 1(d), and 8 of Executive Order
14024, ``Blocking Property With Respect To Specified Harmful Foreign
Activities of the Government of the Russian Federation'' (the
``Order''), the 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, except to
the extent provided by law, or unless licensed or otherwise authorized
by the Office of Foreign Assets Control:
(1) As of June 14, 2021, 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;
(2) as of June 14, 2021, 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; and
(3) as of March 1, 2022, participation in the secondary market for
ruble or non-ruble denominated bonds issued after March 1, 2022 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.
For the 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 credits, or
purchasing or selling foreign exchange, securities, futures or options,
or procuring purchasers and sellers thereof, as principal or agent. It
includes depository institutions, banks, savings banks, money services
businesses, operators of credit card systems, trust companies,
insurance 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, dealers in precious
metals, stones, or jewels, 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 entities determined to be subject to the
prohibitions of this Directive, or involving their property or
interests in property, are permitted, provided that
[[Page 32305]]
such activities are not otherwise prohibited by law, 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 of this Directive; and
(2) any conspiracy formed to violate any of the prohibitions of this
Directive.
A listing of entities determined to be subject to the prohibitions
of this Directive can be found in the Office of Foreign Assets
Control's Non-SDN Menu-Based Sanctions (NS-MBS) List on the Office of
Foreign Assets Control website (<a href="http://www.treas.gov/ofac">www.treas.gov/ofac</a>).
February 22, 2022.
Andrea M. Gacki,
Director, Office of Foreign Assets Control.
Office of Foreign Assets Control
Directive 2 Under Executive Order 14024
Prohibitions Related to Correspondent or Payable-Through Accounts and
Processing of Transactions Involving Certain Foreign Financial
Institutions
Pursuant to sections 1(a), 1(d), and 8 of Executive Order 14024,
``Blocking Property With Respect To Specified Harmful Foreign
Activities of the Government of the Russian Federation'' (the
``Order''), and following the Secretary of the Treasury's
determination, in consultation with the Secretary of State, under
section 1(a)(i) of the Order with respect to the financial services
sector of the Russian Federation economy, the Director of the Office of
Foreign Assets Control, in consultation with the Department of State,
has determined that the following activities by a U.S. financial
institution are prohibited, except to the extent provided by law, or
unless licensed or otherwise authorized by the Office of Foreign Assets
Control:
(1) The opening or maintaining of a correspondent account or
payable-through account for or on behalf of foreign financial
institutions determined to be subject to the prohibitions of this
Directive, or their property or interests in property; and
(2) the processing of a transaction involving foreign financial
institutions determined to be subject to the prohibitions of this
Directive, or their property or interests in property.
The prohibitions of this Directive apply only with respect to a
U.S. financial institution's opening or maintaining of a correspondent
account or payable-through account for or on behalf of, or processing
of a transaction involving, a foreign financial institution.
The Director of the Office of Foreign Assets Control, in
consultation with the Department of State, has determined that,
pursuant to section 1(a)(i) of the Order, the foreign financial
institutions listed in Annex 1 to this Directive operate or have
operated in the financial services sector of the Russian Federation
economy, or are foreign financial institutions that are 50 percent or
more owned, directly or indirectly, individually or in the aggregate,
by one or more such foreign financial institutions, and are subject to
the prohibitions of this Directive.
The prohibitions of this Directive shall take effect: (i) With
respect to any foreign financial institution listed in Annex 1,
beginning at 12:01 a.m. eastern daylight time on March 26, 2022; or
(ii) with respect to a foreign financial institution otherwise
determined to be subject to the prohibitions of this Directive,
beginning at 12:01 a.m. eastern time on the date that is 30 days after
the date of such determination.
For the 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 credits, or
purchasing or selling foreign exchange, securities, futures or options,
or procuring purchasers and sellers thereof, as principal or agent. It
includes depository institutions, banks, savings banks, money services
businesses, operators of credit card systems, trust companies,
insurance 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, dealers in precious
metals, stones, or jewels, 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.
For the purposes of this Directive, the term ``foreign financial
institution'' means any foreign entity that is engaged in the business
of accepting deposits, making, granting, transferring, holding, or
brokering loans or credits, or purchasing or selling foreign exchange,
securities, futures or options, or procuring purchasers and sellers
thereof, as principal or agent. It includes depository institutions,
banks, savings banks, money services businesses, operators of credit
card systems, trust companies, insurance 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,
dealers in precious metals, stones, or jewels, and holding companies,
affiliates, or subsidiaries of any of the foregoing. The term does not
include the international financial institutions identified in 22
U.S.C. 262r(c)(2), the International Fund for Agricultural Development,
the North American Development Bank, or any other international
financial institution so notified by the Office of Foreign Assets
Control.
For the purposes of this Directive, the term ``correspondent
account'' means an account established by a U.S. financial institution
for a foreign financial institution to receive deposits from, or to
make payments on behalf of, the foreign financial institution, or to
handle other financial transactions related to such foreign financial
institution.
For the purposes of this Directive, the term ``payable-through
account'' means a correspondent account maintained by a U.S. financial
institution for a foreign financial institution by means of which the
foreign financial institution permits its customers to engage, either
directly or through a subaccount, in banking activities usual in
connection with the business of banking in the United States.
All other activities with foreign financial institutions determined
to be subject to the prohibitions of this Directive, or involving their
property or interests in property, are permitted, provided that such
activities are not otherwise prohibited by law, 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 of this Directive; and
(2) any conspiracy formed to violate any of the prohibitions of this
Directive.
A listing of foreign financial institutions determined to be
subject to the prohibitions of this Directive,
[[Page 32306]]
including the foreign financial institutions listed in Annex 1, can be
found in the Office of Foreign Assets Control's Correspondent Account
and Payable-Through Account Sanctions (CAPTA) List on the Office of
Foreign Assets Control website (<a href="http://www.treas.gov/ofac">www.treas.gov/ofac</a>).
February 24, 2022.
Andrea M. Gacki,
Director, Office of Foreign Assets Control.
Annex 1
PUBLIC JOINT STOCK COMPANY SBERBANK OF RUSSIA
ARIMERO HOLDING LIMITED
IKS JOINT STOCK COMPANY
INSURANCE COMPANY SBERBANK INSURANCE LIMITED LIABILITY COMPANY
INSURANCE COMPANY SBERBANK LIFE INSURANCE LIMITED LIABILITY COMPANY
JOINT STOCK COMPANY RASCHETNIYE RESHENIYA
JOINT STOCK COMPANY SBERBANK
JOINT STOCK COMPANY SBERBANK AUTOMATED TRADE SYSTEM
JOINT STOCK COMPANY SBERBANK LEASING
JOINT STOCK COMPANY SBERBANK PRIVATE PENSION FUND
LIMITED LIABILITY COMPANY MARKET FUND ADMINISTRATION
LIMITED LIABILITY COMPANY PROMISING INVESTMENTS
LIMITED LIABILITY COMPANY SBERBANK CAPITAL
LIMITED LIABILITY COMPANY SBERBANK CIB HOLDING
LIMITED LIABILITY COMPANY SBERBANK FACTORING
LIMITED LIABILITY COMPANY SBERBANK FINANCIAL COMPANY
LIMITED LIABILITY COMPANY SBERBANK INSURANCE BROKER
LIMITED LIABILITY COMPANY SBERBANK INVESTMENTS
LIMITED LIABILITY COMPANY YOOMONEY
OPEN JOINT STOCK COMPANY BPS-SBERBANK
SB SECURITIES SA
SBERBANK EUROPE AG
SETELEM BANK LIMITED LIABILITY COMPANY
SUBSIDIARY BANK SBERBANK OF RUSSIA JOINT STOCK COMPANY
TEKHNOLOGII KREDITOVANIYA LIMITED LIABILITY COMPANY
VYDAYUSHCHIESYA KREDITY MICROCREDIT COMPANY LIMITED
LIABILITY COMPANY
Office of Foreign Assets Control
Directive 3 Under Executive Order 14024
Prohibitions Related to New Debt and Equity of Certain Russia-related
Entities
Pursuant to sections 1(a), 1(d), and 8 of Executive Order 14024,
``Blocking Property With Respect To Specified Harmful Foreign
Activities of the Government of the Russian Federation'' (the
``Order''), the Director of the Office of Foreign Assets Control, in
consultation with the Department of State, has determined that the
following activities by U.S. persons or within the United States are
prohibited, except to the extent provided by law, or unless licensed or
otherwise authorized by the Office of Foreign Assets Control:
(1) For new debt or new equity of entities listed in Annex 1, or
their property or interests in property, all transactions in, provision
of financing for, and other dealings in new debt of longer than 14 days
maturity or new equity where such new debt or new equity is issued on
or after 12:01 a.m. eastern daylight time on March 26, 2022; and
(2) For new debt or new equity of entities otherwise determined to
be subject to the prohibitions of this Directive, or their property or
interests in property, all transactions in, provision of financing for,
and other dealings in new debt of longer than 14 days maturity or new
equity where such new debt or new equity is issued on or after 12:01
a.m. eastern time on the date that is 30 days after the date of such
determination.
The Director of the Office of Foreign Assets Control, in
consultation with the Department of State, has determined that,
pursuant to sections 1(a)(i) and 1(a)(vii) of the Order, the entities
listed in Annex 1 to this Directive operate or have operated in the
financial services sector of the Russian Federation economy, or are
owned or controlled by, or have acted or purported to act for or on
behalf of, directly or indirectly, the Government of the Russian
Federation, and are subject to the prohibitions of this Directive.
All other activities with entities determined to be subject to the
prohibitions of this Directive, or involving their property or
interests in property, are permitted, provided that such activities are
not otherwise prohibited by law, 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 of this Directive; and
(2) any conspiracy formed to violate any of the prohibitions of this
Directive.
A listing of entities determined to be subject to the prohibitions
of this Directive, including the entities listed in Annex 1, can be
found in the Office of Foreign Assets Control's Non-SDN Menu-Based
Sanctions (NS-MBS) List on the Office of Foreign Assets Control website
(<a href="http://www.treas.gov/ofac">www.treas.gov/ofac</a>).
February 24, 2022.
Andrea M. Gacki,
Director, Office of Foreign Assets Control.
Annex 1
CREDIT BANK OF MOSCOW PUBLIC JOINT STOCK COMPANY
GAZPROMBANK JOINT STOCK COMPANY
JOINT STOCK COMPANY ALFA-BANK
JOINT STOCK COMPANY RUSSIAN AGRICULTURAL BANK
JOINT STOCK COMPANY SOVCOMFLOT
OPEN JOINT STOCK COMPANY RUSSIAN RAILWAYS
PUBLIC JOINT STOCK COMPANY ALROSA
PUBLIC JOINT STOCK COMPANY GAZPROM
PUBLIC JOINT STOCK COMPANY GAZPROM NEFT
PUBLIC JOINT STOCK COMPANY ROSTELECOM
PUBLIC JOINT STOCK COMPANY RUSHYDRO
PUBLIC JOINT STOCK COMPANY SBERBANK OF RUSSIA
PUBLIC JOINT STOCK COMPANY TRANSNEFT
Office of Foreign Assets Control
Directive 4 Under Executive Order 14024
Prohibitions Related to Transactions Involving the Central Bank of the
Russian Federation, the National Wealth Fund of the Russian Federation,
and the Ministry of Finance of the Russian Federation
Pursuant to sections 1(a)(iv), 1(d), and 8 of Executive Order
14024, ``Blocking Property With Respect To Specified Harmful Foreign
Activities of the Government of the Russian Federation'' (the
``Order''), the 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
[[Page 32307]]
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 United States person are prohibited,
except to the extent provided by law, or unless licensed or otherwise
authorized by the Office of Foreign Assets Control: Any transaction
involving the Central Bank of the Russian Federation, the National
Wealth Fund of the Russian Federation, or the Ministry of Finance of
the Russian Federation, including any transfer of assets to such
entities or any foreign exchange transaction for or on behalf of such
entities.
All other activities with entities determined to be subject to the
prohibitions of this Directive, or involving their property or
interests in property, are permitted, provided that such activities are
not otherwise prohibited by law, 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 of this Directive; and
(2) any conspiracy formed to violate any of the prohibitions of this
Directive.
A listing of entities determined to be subject to the prohibitions
of this Directive can be found in the Office of Foreign Assets
Control's Non-SDN Menu-Based Sanctions (NS-MBS) List on the Office of
Foreign Assets Control website (<a href="http://www.treas.gov/ofac">www.treas.gov/ofac</a>).
February 28, 2022.
Andrea M. Gacki,
Director, Office of Foreign Assets Control.
Andrea M. Gacki,
Director, Office of Foreign Assets Control.
[FR Doc. 2022-11608 Filed 5-27-22; 8:45 am]
BILLING CODE 4810-AL-P
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