Enacts new prohibitions on services to the Russian Federation
07 Jun 2022
On 8 May 2022, the Office of Foreign Assets Control (OFAC) announced new prohibitions pursuant to the Executive Order 14071 of 6 April 2022 (“Prohibiting New Investment in and Certain Services to the Russian Federation in Response to Continued Russian Federation Aggression").
As a result, the exportation, re-exportation, sale or supply from the United States or by a United States person, of accounting, trust and corporate formation services (such as assistance in forming or structuring trusts, corporations and other legal structures) or management consulting services (such as strategic advice, organizational planning, mergers and acquisitions or human resources practices) to any company or individual located in the Russian Federation will be prohibited.
The ban does not cover services provided to US-owned or controlled entities located in the Russian Federation, or services related to the divestiture of any non-Russian entity located in the Russian Federation.
The ban over these activities will enter into force on 7 June 2022.
-
Type:
-
Entry and establishment (Approval and admission, Other)
-
Industry:
-
Services (Financial and insurance activities, Legal and accounting activities, Other professional, scientific and technical activities)
-
Services (Financial and insurance activities, Legal and accounting activities, Other professional, scientific and technical activities)
-
Sources:
