Introduction According to the official notice on the website of the Office of Foreign Assets Control of the US Department of the Treasury (OFAC), the founders of Alfa Group M. Fridman, P. Aven, G. Khan and A. Kuzmichev, as well as the Russian Union of Industrialists and Entrepreneurs (RSPP) were included in the OFAC SDN List on August 11, 2023. Reasons for Imposing US Sanctions on the...

Introduction Since February 2022, US sanctions against Russia have taken on an unprecedented scale. They are developed and applied by several Departments in the United States. The US Department of Commerce is playing a vital role in this campaign. The US Department of Commerce and Its Role in US Sanctions Against Russia The US Department of Commerce - https://www.commerce.gov - plays a...

Introduction The 50 Percent Rule is one of the critical points of the US sanctions policy. It helps to understand how US sanctions work, whom they primarily target, and who falls under them. US Sanctions and the 50 Percent Rule Not only do those individuals and companies on the US sanctions list fall under US sanctions, but also those entities in which blocked persons own 50 percent or...

Introduction Anatoly Karachinskiy, the former majority shareholder of the IBS Group, has recently been removed from the US sanctions list, marking a significant development. This is the first instance since the start of the Ukraine war where a prominent Russian businessman has been removed from the Office of Foreign Assets Control (OFAC) SDN List. Anatoly Karachinskiy Came Under US Sanctions...

Introduction In today's global business environment, companies must have a comprehensive US sanctions compliance program, especially in the United States. The US sanctions landscape is complex and constantly evolving, so companies need to understand the requirements and implement effective enforcement measures. This article aims to provide a brief overview of how to set up your company's...

Introduction An OFAC license may be needed if the business you want to do, or even a particular transaction, is subject to US sanctions. The Office of Foreign Assets Control (OFAC) of the US Department of the Treasury is the main US agency that oversees the implementation of US sanctions. OFAC is authorized both to make independent decisions on the imposition of new sanctions and to...

Introduction The US Office of Foreign Assets Control (OFAC) has a list of Specially Designated Nationals (SDN) that includes individuals and organizations subject to economic sanctions. Being on this list means the most serious consequences, including freezing assets and banning financial transactions. However, you may request removal from the OFAC SDN List if you believe you have been...

Introduction US sanctions against the Russian Federation have become diverse and multi-level. As a result, it’s challenging to interpret and apply them to a particular case. However, there are certain fundamental principles that everyone needs to know to understand how the sanctions work in general and to whom they can apply. One of the basic principles is the 50 Percent Rule. The 50 Percent...