Bans all investment, transactions, opening and maintenance of bank accounts by US nationals with certain Russian financial institutions and enacts other banking bans
24 Feb 2022
On 24 February 2022, the Office of Foreign Assets Control announced the adoption of the following measures in response to the war in Ukraine:
Addition of four Russian financial institutions to its Specially Designated Nationals list, including VTB, Russia’s second biggest bank. The targeted sanctions result in a prohibition for US nationals to invest or engage in business with such entities (except for specific transactions under an OFAC license, which may authorize a “wind down” (liquidation) period for some transactions through 26 March 2022) as well as a freeze of all assets of these four financial entities within US jurisdiction.
Prohibition for US nationals to open or maintain bank accounts in several Russian financial entities and a ban on US financial institutions from processing any financial transactions involving the four targeted financial entities (Directive 2)
Nature of measure:
Type:
-
Treatment and operation (Capital transfer and FOREX, Other)
Industry:
-
Services (Financial and insurance activities)
Inward FDI:
No
Outward FDI:
No
Sources:
