OFAC Sanctions 130 for Support to Russian Industrial Base and Financial Services

On November 2, 2023, U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced new sanctions on 130 parties based on their support for Russian industry and financial sectors.  Parties located in the People’s Republic of China (PRC), Oman,  Switzerland, Turkey, and the UAE, as well as as well as Russian companies operating in targeted sectors, were added to the Specially Designated Nationals And Blocked Persons List (SDN List).  Targeted entities typically provided dual use goods used or financial services to sustain Russia's military-industrial complex.

U.S. persons are prohibited from engaging in any transactions with SDNs without an OFAC license and must block property in which an SDN has an interest. OFAC licenses are required to conduct business with SDNs.

This is another reminder of the importance of screening parties in all countries, as well as highlighting risks in countries known for diversion.  For additional background on these sanctions and targeted diversion activities, refer to the OFAC Press Release.