The U.S. Treasury Department Office of Foreign Assets Control ("OFAC") designated three individuals and nine entities for their roles in supporting Russia's occupation of Crimea and control of Eastern Ukraine.
The designations included two individuals and one entity, alleged to have committed serious human rights abuses, under the Support for the Sovereignty, Integrity, Democracy and Economic Stability of Ukraine Act of 2014, as amended by the Countering America's Adversaries through Sanctions Act Section 228. In addition, OFAC imposed sanctions on eight entities and one individual, who are allegedly responsible for helping Russia advance its interests by operating in Ukraine, pursuant to Executive Order 13685. OFAC further said that one of these eight entities was designated pursuant to Executive Order 136611 for being owned or controlled by a sanctioned Russian bank and a Russian national.
As a result of OFAC's action, U.S. persons are barred from dealing with any of the designated individuals and entities, and all of their property and interests in property that are in the possession or control of U.S. persons or within the United States must be blocked.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.