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Now that Russia has invaded Ukraine, many countries - including the U.S. - have reacted with immediate economic sanctions. The Office of Foreign Assets Control (OFAC) facilitates most of the U.S.'s major sanction programs. Below is a list of sanctions and subsequent general licenses that were imposed in direct response to the invasion of Ukraine.
February 24, 2022
Executive Order 14024 - Blocking Property with Respect to Specified Harmful Foreign Activities of the Government of the Russian Federation (Originally signed April 15,2021)
Russia-related Directive 2 - Prohibitions Related to Corresponding or Payable-Through Accounts and Processing of Transactions Involving Certain Foreign Financial Institutions
Russia-related Directive 3 - Prohibitions Related to New Debt and Equity of Certain Russia-related Entities
General Licenses
General License 5 - Blocking Property with Respect to Specified Harmful Foreign Activities of the Government of the Russian Federation
General License 6 - Transactions Related to the Exportation or Reexportation of Agricultural Commodities, Medicine, Medical Devices, Replacement Parts and Components, or Software Updates, or the Coronavirus Disease 2019 Pandemic
General License 7- Authorizing Overflight Payments, Emergency Landings and Air Ambulance Services
General License 8 - Authorizing Transactions Related to Energy
General License 9 - Authorizing Transactions Related to Dealings in Certain Debt or Equity
General License 10 - Authorizing Certain Transactions Related to Derivative Contracts
General License 11 - Authorizing the Wind Down of Transactions Involving Certain Blocked Persons
General License 12 - Authorizing U.S. Persons to Reject Certain Transactions
Additionally, Belarus General License 6 and General License 7 were issued on this day. Over 90 new entries to OFAC's Specially Designated Nationals and Blocked Persons List of Russian and Belarusian nationals.
February 25, 2022
Four Russian individuals were added to the SDN List, including Russian President Vladimir Putin and the Minister of Foreign Affairs of the Russian Federation.
February 28, 2022
In response to Executive Order 14024, OFAC issued Russia-related Directive 4, "Prohibitions related to transactions involving the Central Bank of the Russian Federation..."
OFAC also issued Russia-related General License 8A, "Authorizing Transactions Related to Energy."
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