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OFAC US-Russia Sanctions Guidance for Foreign Financial Institutions

22 December 2023
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OFAC US-Russia Sanctions Guidance for Foreign Financial Institutions

The Office of Foreign Assets Control (OFAC) has published guidance for Foreign Financial Institutions on OFAC Sanctions Authorities Targeting Support to Russia’s Military-Industrial Base.

The guidance provides information for firms on:

  • New Sanctions Authorities Targeting Foreign Financial Institutions;
  • Examples of Activity that Could Expose Foreign Financial Institutions to Sanctions Risk;
  • Identifying and Mitigating Sanctions Risks;
  • Previous Guidance on Russia Sanctions and Export Controls Evasion; and
  • Permissible Transactions.

Financial institutions should read the OFAC guidance and ensure that they remain compliant with their sanctions requirements.
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