Notice2023-11980
Publication of Directive 4 (as Amended) 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
June 5, 2023
Issuing agencies
Treasury DepartmentForeign Assets Control Office
Abstract
The Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing one Russian Harmful Foreign Activities Sanctions directive in the Federal Register. The directive, issued pursuant to an April 15, 2021 Executive Order, was previously made available on OFAC's website.
Full Text
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<title>Federal Register, Volume 88 Issue 107 (Monday, June 5, 2023)</title>
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[Federal Register Volume 88, Number 107 (Monday, June 5, 2023)]
[Notices]
[Pages 36648-36649]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-11980]
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DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control
Publication of Directive 4 (as Amended) Under Executive Order
14024 of April 15, 2021
AGENCY: Office of Foreign Assets Control, Treasury.
ACTION: Publication of one directive.
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SUMMARY: The Department of the Treasury's Office of Foreign Assets
Control (OFAC) is publishing one Russian Harmful Foreign Activities
Sanctions directive in the Federal Register. The directive, issued
pursuant to an April 15, 2021 Executive Order, was previously made
available on OFAC's website.
DATES: Directive 4 (as amended) 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,''
was issued on May 19, 2023.
FOR FURTHER INFORMATION CONTACT: OFAC: Assistant Director for
Licensing, 202-622-2480; Assistant Director for Regulatory Affairs,
202-622-4855; or Assistant Director for Compliance, 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 May 19, 2023, the Director of OFAC issued Directive 4 (as
amended) 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'', replacing and superseding Directive 4 under
E.O. 14024 of April 15, 2021 issued on February 28, 2022 (87 FR 32303,
May 31, 2022). Directive 4 (as amended)
[[Page 36649]]
includes a new Reports section, to require that United States persons
who are in possession or control of property in which any entity
determined to be subject to the prohibitions of Directive 4 (as
amended) has an interest of any nature whatsoever, direct or indirect,
must submit a report to OFAC on or before June 18, 2023, and annually
thereafter by June 30, 2023, and reflects technical and other non-
substantive changes.
The text of this directive is provided below.
OFFICE OF FOREIGN ASSETS CONTROL
Directive 4 (as Amended) <SUP>1</SUP> Under Executive Order 14024
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\1\ A prior version of this Directive, which was issued on
February 28, 2022 and is superseded by this version, prohibited
these same activities. This amended version of the Directive
includes a new Reports section and reflects technical and other non-
substantive changes.
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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 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="https://ofac.treasury.gov/">https://ofac.treasury.gov/</a>).
Reports. United States persons who are in possession or control of
property in which any entity determined to be subject to the
prohibitions of this Directive has an interest of any nature
whatsoever, direct or indirect, must submit a report to
<a href="/cdn-cgi/l/email-protection#48070e090b3a2d38273a3c083c3a2d293b3d3a31662f273e"><span class="__cf_email__" data-cfemail="99d6dfd8daebfce9f6ebedd9edebfcf8eaecebe0b7fef6ef">[email protected]</span></a> on or before June 18, 2023, and annually
thereafter by June 30. Such reports shall include the following:
1. The name and address of the person in possession or control of
the property;
2. The date the property came into the possession or control of
such person;
3. The entity or entities subject to the prohibitions of this
Directive having an interest in the property;
4. A description of the property and its location in the United
States or otherwise, including any relevant account types, account
numbers, reference numbers, dates, or other information necessary to
identify the property;
5. The actual, or if unknown, estimated value of the property in
U.S. dollars as of May 31, 2023, for the initial report, and annually
thereafter as of May 31. Foreign currencies must be reported in U.S.
dollars with the foreign currency amount and notional exchange rate in
the narrative; and
6. A copy of the most recent relevant account statement or other
documentation to support the estimated value of the property.
Andrea M. Gacki,
Director, Office of Foreign Assets Control.
May 19, 2023.
Andrea M. Gacki,
Director, Office of Foreign Assets Control.
[FR Doc. 2023-11980 Filed 6-2-23; 8:45 am]
BILLING CODE 4810-AL-P
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