News 02 Mar, 2023 US impose further sanctions against Russia Tony Paulson Head of Asia & Corporate Director On 24 February 2023, the one year anniversary of Russia’s invasion of Ukraine, the US Department of State and the US Department of Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions on numerous additional individuals, entities and vessels that the US has determined are engaged in sanctions evasion. Full details can be found here . Download PDF Financial Services Sanctions OFAC has designated over a dozen Russian banks and financial institutions which include: Credit Bank of Moscow Public Joint Stock Company Joint Stock Company Commercial Bank Lanta Bank Public Joint Stock Company Commercial Bank Metallurgical Investment Bank (Metallinvestbank) Public Joint Stock Company MTS Bank Novosibirsk Social Commercial Bank Levoberezhny Public Joint Company Bank Saint-Petersburg Public Joint Stock Company Joint Stock Commercial Bank Primorye SDM-Bank Public Joint Stock Company Public Joint Stock Company Ural Bank for Reconstruction and Development (UBRD) Public Joint Stock Company Bank Uralsib Bank Zenit Public Joint Stock Company OFAC also issued a number of general licenses permitting certain transactions in connection with these entities: General License 8F was amended to authorise certain energy-related transactions relating to certain of the above-listed financial institutions. General License 13D authorises US persons or entities owned or controlled by US persons to carry out certain transactions including paying taxes, fees or import duties and to purchase or receive permits, licenses, registrations or certificates, that would otherwise be prohibited by Directive 4 under Executive Order 14024, until 12:01 am eastern daylight time on 6 June 2023. General License 60 authorises transactions “ordinarily incident and necessary” to wind down transactions involving the above listed financial institutions until 12:01 am eastern daylight time on 25 Ma